Oil prices have reached a new high in 7 years

January 25, 2022 | 00:57 |6241

Prices of Brent Crude oil exceeded $88 per barrel for the first time in the last 7 years, according to trading data on the London ICE exchange. Previously, black gold was traded at this price in October 2014.

Analysts call the possible reasons for the increase in prices:

– decrease of commercial oil reserves in the United States,
– suboptimal growth production in OPEC+ countries,
– a series of explosions near fuel depots of oil companies in the UAE.

By 2023, oil prices are expected to rise to $105 per barrel, which will contribute to the balance in the oil market, writes the Wall Street Journal, citing the forecast of analysts at the world's largest investment bank Goldman Sachs.

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