Oil prices continue to rise and possibly much higher by the end of the year. According to statements, the oil price could rise to $90 per barrel by the end of the year.
Tonight in Asia (GMT+7), oil prices are moving more in the sideways direction. Brent crude oil is up 0.71% at $78.00 per barrel. WTI crude oil is up 0.73% at $75.02.
OPEC+ will meet on Wednesday to discuss current events. According to statements, the output will remain at the 400,000 barrel per day increase agreed upon earlier in the year. The U.S. government is currently trying to persuade OPEC+ to increase oil production even further by the end of the year to counteract rising oil prices.
Vigorous scenes meanwhile in the UK where long queues of cars formed at gas stations. In some places, it is also to have come to fisticuffs. The energy crisis is not only a problem in the UK. Meanwhile, the whole world seems to get an energy crisis. Also in China, one fights at the moment with power outages which shut down some productions.
API crude oil inventories rose by more than 4.1 million barrels last week. The previous week, inventories had fallen by 6.108 million barrels. The inventory increase can be seen as a bearish sign for crude oil prices.
U.S. crude oil inventories increased by 4.6 million barrels compared to the previous week.