This is the highest since October 2014
The cost of April futures for Brent oil on the London ICE exchange rose by 1.73%. For the first time since October 1, 2014, the price of this brand of oil exceeded $96 per barrel ($96.07).
The cost of April futures for WTI crude rose by 1.62% to $94.61 per barrel.
The increase was facilitated by a recovery in demand and a shortage of supply, as well as the geopolitical situation (in particular, the tension around relations between Russia and Ukraine affects) and rising gas prices.
According to the forecasts of the International Energy Agency, the demand for oil this year will grow to 100.6 million b/d, due to which we can expect an average cost of a barrel of Brent grade at $86.
If oil prices continue to rise and reach around $90 per barrel, Russia’s budget could receive more than $65 billion in additional revenue.