December 7, 2021

The Catholic Transcript

Complete News World

Why is the price of oil rising around the world?

Why is the price of oil rising around the world?

  • Angel Bermudez
  • From BBC Newsworld

attributed to him, Getty Images

Illustrative image,

US producers maintain limited production

Last Monday (11/10) a barrel of WTI oil topped $80 (436 R$) – the first time in nearly eight years.

The price of West Texas Intermediate (WTI), a type of crude oil used as a price reference in the US, closed at $80.52, confirming the uptrend recorded for months.

The COVID-19 epidemic and the trading restriction measures adopted in many countries to combat the novel coronavirus have led to lower prices. Just a year ago, the cost of West Texas Intermediate crude was only $40.

But as the end of the pandemic approaches, prices have soared. What is the reason for this large increase?