OPEC oil exceeds $114
Oil prices increased during the week from September 21 to 25, amid prevailing uncertainty in global markets and anticipation of developments in supplies, production, and crude demand. The average price of the OPEC basket of crude oil stood at $110.89 per barrel, fluctuating between $107.69 and $114.09. Similarly, Texas Gulf Coast Intermediate crude averaged $92.95, with prices ranging from $88.67 to $97.22. Brent crude oil recorded an average of $102.80, with volatility between $97.36 and $108.23. The main reasons for this rise include fears of supply shortages, disruptions in the energy market, and increasing demand, all while uncertainty persists regarding the future of production and demand markets.
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