Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns, as demand picks up in parts of the world with the easing of pandemic restrictions
Brent crude was up 92 cents or 1.2% at $79.01 a barrel, having posted three straight weeks of gains. US Oil added 82 cents, or 1.1%, to $74.80, near its highest since July, after rising for a fifth straight week last week.
“While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts,” Goldman said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supply worries support oilPrices rise for a fifth consecutive day, with Brent heading for $80 amid supply concerns
Read more »
Water supply in Gauteng and North West restored after veld fireRand Water back at full capacity after a power outage resulted in a 60% production loss at its Zuikerbosch treatment works
Read more »
Supply chain blockages delay delivery of Apple’s new iPhonesThe increased lead time is also an indicator of robust demand for upgrades, says analyst
Read more »
Water supply in Gauteng and North West restored after veld fireRand Water back at full capacity after a power outage resulted in a 60% production loss at its Zuikerbosch treatment works
Read more »
Some Apple, Tesla suppliers suspend output in China amid power pinchTighter energy consumption policies are putting supply chains at risk in the peak season for electronics goods
Read more »
Power supply to Rand Water's Zuikerbosch treatment plant restored, says EskomThe outage was due to a trip caused by the veld fire at the Snowden substation, which supplies Rand Water's Zuikerbosch Water Treatment.
Read more »