Brent crude futures surged above $82 a barrel yesterday, the highest since October of 2018, and extending a 2.5 per cent jump in the previous session, after OPEC+ decided to add more 400,000 bpd of oil in November.
Tuesday’s gain brought oil prices’ rally since the beginning of this year up to 60 per cent, rising from around $50 per barrel at the beginning of the year.
The international benchmark crude hit $82.9 per barrel during the day before moderating to $82.7.
WTI crude futures extended gains to $79 a barrel yesterday, holding at the highest level since November of 2014, and following a 2.3 per cent gain in the previous session.
Several countries have been calling for more oil to help ease an energy crisis and surging prices.
Organisation of Petroleum Exporting Countries and its allies (OPEC+) on Monday, stuck with its planned 400,000 bpd increase in crude output quota for November, in line with a recommendation from the Joint Ministerial Monitoring Committee, and despite pressure from some countries including the US and India to add more oil to stabilise prices.