Oil prices are at their highest level in 7 years - Economist

Oil prices rose strongly to their highest levels in 7 years during trading on Friday, continuing their rise for the seventh consecutive week, with continued fears of supply disruptions, in addition to cold weather in the United States and Europe, political turmoil among major producers in the world and the Ukraine crisis with Russia.

We find that the price of oil in Brent crude futures contracts has risen by $2.16, which is equivalent to 2.4 percent, to reach $93.25 a barrel during trading, the highest level since October 2014.

As for the price of oil in the futures contracts for US West Texas Intermediate crude, it rose by 2.04 dollars, which is equivalent to 2.3%, to reach 93.17 dollars per barrel, which is the highest price since September 2014, taking advantage of the cold weather in America.

A snowstorm swept the central and northeastern United States of America on Thursday, February 3, 2022, leading to a power outage for thousands of American families and soaring energy and oil prices.

One of the problems is the lack of supplies from oil-producing countries, but these will be resolved after the OPEC Plus group agreed last week to commit to pumping moderate increases in production in the range of 400 thousand barrels per day, at a time when OPEC + is already facing difficulty in achieving the current goals. Despite pressure from large consumers to raise production.