The price of a barrel of US oil rose on Tuesday to its highest level since November 2014. However, there are concerns in the oil market that there could be significant shortages after oil cartel OPEC and its allies have disagreed on a production increase.
Due to the economic recovery from the corona crisis, the oil demand is increasing sharply.
The price of a barrel of US WTI oil (159 litres) touched a level of just under $77, which is the highest point in more than six years. WTI stands for West Texas Intermediate. From Europe, Africa, and the Middle East, Brent oil rose above $77 a barrel for the first time since 2018.
Members of OPEC and allies such as Russia and Kazakhstan, united in the alliance called OPEC+, are sticking to existing agreements on oil production for the time being.
Talks about higher production came to nothing last weekend, and a planned meeting between the ministers of the oil countries was cancelled on Monday. A deal in the short term, therefore, does not seem feasible.