Oil prices

Crude oil prices rose earlier this week to a peak of 7 years at $ 83.9 a barrel, at the highest level since October 2014.

The improvement of crude oil prices globally, driven by increased demand from the major consuming countries, such as China, South Korea, India and the European Union, comes in conjunction with a supply crisis for other energy sources, represented by natural gas.

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And Tuesday, Citigroup said that its short-term forecasts indicate that oil prices have risen about $ 90 a barrel this winter, with stocks declining and global demand increasing.

During the current winter, total oil demand will jump over 100 million barrels per day, for the first time since December 2019.

** Gas prices

One of the reasons for the rise in oil prices is the decline in the stocks of European countries from natural gas, as a result of the high demand, the inability of supplies to meet the increasing demand, so that the ore can replace the gas in power generation.

Since the beginning of this year, the prices of natural gas in Europe have increased by 600%, while Russian President Vladimir Putin expected, last week, to reach the price of 100 cubic meters barrier $ 200.

It stokes fears of a further rise in natural gas prices, which is the expectation of a severe winter around the world this year, which means an increase in demand for electric power generation sources