Price of Brent crude exceeds $86

The price of a barrel of Brent crude exceeded $86 for the first time since October 4, 2018, Report informs via RIA Novosti.

As of 08:06 am (GMT +4), December futures for North Sea Brent crude rose by 1.07% to $85.77 a barrel. A few minutes earlier, the price exceeded $86 for the first time in three years. November futures price for WTI oil increased by 1.46% to $83.49 per barrel, and December futures rose by 1.42% to $82.89 per barrel.

The rise in prices was due to the recovery of fuel consumption amidst the removal of pandemic restrictions. Another factor affecting prices was the International Energy Agency's (IEA) warning last week that high natural gas prices would push oil demand higher.