Crude prices are recording rises with the beginning of the European period for the opening session of the week today, Monday, 27 September, as Brent crude is preparing to trade within the levels of 80 dollars per barrel for the first time since October of 2018, where Sabaj is trading today at 79.02 dollars per barrel, up by about 1.2% or 92 cents, compared to Friday’s closes at the end of last week, while US crude (NYMEX) is trading at an increase of about 1.1% at levels of $74.81 a barrel.

Crude prices had recorded gains for the third consecutive week at the end of last week ending Friday, September 24, taking advantage of the tight supply and the continued suspension of part of US production, as we mentioned in the latest crude oil report, heading to close its third week in a row with weekly gains, and Brent is at its highest level since October 2018. – Fayez Al-Ajmi (@fayezalajmi-4x.com)

According to a report issued by Reuters this morning, oil producers and traders said that global demand for fuel is expected to reach pre-epidemic levels by the beginning of next year 2021, despite the outbreak of the new delta strain, as demand for fuel is likely to rise in India, the second largest An importer of crude in the world, for example, by 9%, after its imports in August reached their highest level in three months.

The gas crisis and the rise in its price with the approach of winter in Europe also supports the rise in oil, as oil is considered one of the most important alternatives to solving heating problems and is relatively cheaper to generate energy, and therefore the high demand for crude will generate a shortage in supply and a rise in price.

The American investment bank Goldman Sachs, in a research note issued on Sunday, showed that the bank has a positive outlook for oil prices with a rise in demand, as the bank raised its forecast for Brent crude to $90 a barrel by the end of the year, compared to $80 in a previous forecast.

On the other hand, the Baker Hughes Energy Services report showed an increase in the number of US drilling rigs last week by 10 rigs to reach 421 rigs.