Despite growing global demand, OPEC said this week that they would continue on the path of gradually increasing production.
Amid the global energy crisis that has helped gas reach record highs and prompted China to demand more coal production, crude prices have benefited. US West Texas Intermediate (WTI) crude rose more than 4% to US $ 79.83 a barrel, while European benchmark oil Brent rose 4.32% to US $ 83, then fell slightly.
Despite growing global demand as economic activity recovers from pandemic lows, the Organization of the Petroleum Exporting Countries and its allies (Opep +) said this week they would continue on the path of gradually increasing production.
Meanwhile, the US government said it was monitoring energy markets but did not announce immediate measures to lower prices, such as a release of strategic oil reserves, further supporting the market rise.
