International oil prices continued to rise on the 15th (local time), hitting a new yearly high.
The closing price of WTI futures for October delivery on the New York Mercantile Exchange was USD 90.77 per barrel, up USD 0.61 (0.68%) from the previous day’s closing price. WTI prices continued to rise on the same day after surpassing the $90 level for the first time in 10 months the previous day, breaking the year-high.
Brent crude futures for November delivery on the London ICE Futures Exchange also closed at USD 93.93 a barrel, up USD 0.23 (0.25%) from the previous day’s close, breaking this year’s high. Oil prices have been pushed up day after day as concerns persist that the international crude oil market will suffer from supply shortages for a considerable period of time due to the extension of production cuts in Russia and Saudi Arabia.
Wall Street is also analyzing that oil prices will continue to rise for the time being. Francisco Blanch, head of commodity and derivatives research at Bank of America (BoA), predicted, “If OPEC Plus (+) continues to cut supply until the end of the year based on positive demand background in Asia, Brent oil prices will exceed $100 per barrel before 2024.”
Christian Malek, global head of energy strategy at JPMorgan, predicted that oil prices would remain around $80 per barrel in the long run, but would trade between $80 and $100 per barrel in the short run. “The situation is expected to change depending on what will happen to China after next year and how the U.S. and the shale gas industry will respond,” he predicted.
