Oil Prices Continue to Rise and Due to Global Supply Concerns

By 03:21 GMT on Friday, Brent crude rose 12 cents, or 0.2 percent, to $ 77.37 a barrel, after reaching its highest level since July and closing at its highest level since October 2018.

The price of US oil also rose 6 cents, or 0.1 percent, to $ 73.36 a barrel, after closing up 1.5 percent in the previous session, its highest level since the beginning of August.

According to experts, this comes after increasing talk about the scarcity of global stocks, in addition to fears of supply problems with the approach of the winter season.

Investors are also assessing the possibility of a drop in oil supply in the market after Hurricanes Ida and Nicholas hit the Gulf of Mexico in late August and early September.

Since the beginning of this month, the price of Brent oil has risen by 4 percent, and West Texas Intermediate – by 5 percent, as hurricanes have caused disruptions in oil production and supplies.