Oil prices are at their highest in three years – approaching 80 dollars a barrel

Johan Sverdrup oil fieldPhoto: Carina Johansen / NTB
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The oil price is at its highest level since October 2018. Experts believe that the price during the year can reach 2014 levels.

The price of North Sea oil on Monday morning was around USD 79 a barrel – the highest level in three years, and it is an increase of over 300% since the price reached its last low of around USD 20 a barrel in April last year.

On Sunday, Goldman Sachs issued a warning that the oil price could reach USD 90 a barrel during the year, Reuters writes. That would be the highest level since October 2014.

The reason for the sharp rise is an increase in petrol demand as a result of the world recovering after the outbreak of the delta variant. In addition, several oil installations in the United States were destroyed by hurricanes Ida and Nicholas in the Gulf of Mexico earlier this month.

The oil companies on the Oslo Stock Exchange are also benefiting from the rising oil price. 

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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