Brent exceeds $80 for first time since autumn of 2018

Brent oil topped $80 a barrel amid signs that demand is running ahead of supply, depleting inventories amid a global energy crunch, Report informs referring to Bloomberg.

The leading crude benchmark rose for a sixth day to hit the highest since October 2018, while West Texas Intermediate extended gains.

As of 8:16 (GMT+4), the price of December futures for Brent increased by 0.85% to $79.36 per barrel, while the price of November futures grew 0.83% to $80.19 per barrel and earlier during the trading on September 28 reached $80.35. The indicator exceeded $80 per barrel for the first time since October 23, 2018.

November futures for WTI rose in price y 0.85 percent, to $76.09 per barrel.

While global demand has increased, the Organization of Petroleum Exporting Countries and its allies, including Russia, have been easing supply curbs with great caution. Later on September 28, OPEC will release its World Oil Outlook, which will detail the group’s views on market fundamentals.

“It looks like the oil rally has still got some legs,” said John Driscoll, chief strategist at JTD Energy Services Pte. “Fundamentals are still pretty convincing, demand is recovering, backwardation is increasing. I just don’t see any evidence yet that the rally has topped out.”