Oil prices at 7-year peak amid improved demand

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Oil prices rose to a 7-year peak at the start of weekly trading on Monday.

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Amid an improvement in demand for crude globally, in conjunction with the market recovery from the Corona pandemic and its variants.

And support prices also turned many economies in Europe to crude oil instead of scarce natural gas amid an energy shortage crisis in many European markets besides China.

At 07:18 (GMT), the price of Brent crude futures for December delivery rose 1.65%, or $1.32, to $83.71 a barrel.

Also, the prices of US West Texas Intermediate crude futures for November delivery rose by 2%, or $1.57, to $80.92 a barrel.

Europe is facing a shortage of natural gas needed to generate electricity amid the inability of supplies coming from Russia and Norway to meet the needs of the old continent.

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The International Energy Agency and Goldman Sachs expect a continued rise in global crude prices to the level of $85 for Brent oil during the current fourth quarter, due to increased demand from major markets.

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