WTI crude extends gains, crosses $85

25/10/2021 Argaam

Oil drilling rigs

Oil prices extended gains on Monday, with West Texas Intermediate (WTI) crude soaring past the $85-mark, amid a rise in global demand as economies continue to recover from coronavirus.

 

The international benchmark Brent crude was trading up 1.1% at $86.46 per barrel, at 3.25 pm Makkah time.

 

WTI crude rose 1.4% to $85.03 per barrel.

 

"It seems that continuous global stock drawdowns are still widely anticipated in coming months," Reuters reported, citing Tamas Varga, oil analyst at PVM Oil Associates.

 

Meanwhile, Goldman Sachs expects demand to remain near pre-coronavirus levels this winter, Bloomberg reported, citing a note from the bank.

 

The process of switching from natural gas to oil could add 1 million barrels per day to global demand for crude, the bank added.

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