Crude Oil Prices Rose to Highest in More Than 7 Years

NYMEX crude prices rose during those moments from their highest levels since the beginning of October 2014, as they rose to levels of 83.73 dollars per barrel, an increase of about 1.5 percent.

While the benchmark Brent crude broke the levels of 86 dollars for the first time since mid-October 2014, to trade at its highest level in 7 years, while rising by more than 1% during today’s trading at levels of 86.04 dollars per barrel.

Crude oil prices rose to their highest prices in more than 7 years thanks to the positive news about the return to life before Corona and the high demand.

Analysts believe that the switch from gas to oil for power generation alone could boost demand by up to 450,000 barrels per day in the fourth quarter.