Brent crude climbed to over $88 per barrel and WTI rose to over $86 per barrel last week, the highest price in seven years. WTI price has been on an uptrend since last month, as growing tensions between Russia and Ukraine, as well as in the middle east, have created an energy crisis. As geopolitical tensions mount in regions that control the distribution of oil and natural gas, fears of energy shortages rise. In addition, demand for oil has not been diminished by the rise in Omicron cases as originally expected, while supply cannot be increased again so swiftly and oil reserves are tight.
On Monday however, WTI price fell amid a global stock sell-off, plummeting to $82.4 per barrel, before climbing again to above $84.6 per barrel. The outlook for the commodity is bullish and if it rises again above the $85.7 per barrel level, it may continue to trade along its uptrend. In case the trend is reversed, support may be found at the $77.8 per barrel level.
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