US crude oil hit a seven-year high Wednesday morning amid rising demand.
Brent crude is currently at $83 per barrel. This was a three-year high, with US crude reaching $79.40 per barrel. This is the best since 2014.
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Rising oil prices could raise gasoline prices. “We’re excited to be able to help you get the better of our customers,” said Simon Williams, fuel spokesman for RAC.
“(Trend) appears to be more likely to spell out even more misery for drivers with pumps when we head to Christmas. If this happens, a new record with an average price of lead-free at around 143p per liter. The Diesel was able to hit up to 145p. This is just 3p from a record high of 147.93 in April 2021.”
Naeem Aslam of Think Markets said: “US oil prices have reached their highest level since 2014 and have risen in the last five sessions. Uncertainty about energy supply is due to the presence of coal, natural gas and crude oil supplies. It has gained support from.
“Monday’s OPEC meeting exacerbates the problem as the group decided not to convey a significant increase in oil production and to continue its already existing timeline to avoid the major impact caused by another wave of coronavirus. That was just that. However, as demand continues to rise, the cartels are pushed into the corner and have no choice but to increase production.”
