© EPA-EFE
Crude oil is trading at its highest price in months. The price is being driven by OPEC+ oil cuts and drone attacks on Russian refineries.
A barrel of North Sea Brent oil – leading in Europe – was worth $86.74 in early trading on Tuesday. That is slightly less than on Monday, when oil was trading at its highest price since October last year. A barrel of American WTI oil is worth $82.55, also slightly lower than on Monday.
The price of oil has been on the rise for days after the International Energy Agency IEA now expects shortages instead of surpluses on the market, as a result of continued production cuts by OPEC+ (the members of the oil cartel and other oil-producing countries).
Recent drone attacks on Russian refineries are contributing to the price increases. Analysts assume that Russia will lose 600,000 to 900,000 barrels of oil per day in refining capacity due to the attacks.