The rising cost is caused by a high demand for Brent from European refiners, a reduction of OPEC + free capacity and geopolitical tensions, the analysts explain. Dated Brent has topped $100 per barrel for the first time since September 2014. This is proved by calculations of oil prices by the Platts agency.
The price of Dated Brent on February 16 reached $100.795 per barrel. This is the highest value since September 4, 2014, when it was $101,195.
Platts connects the rise of prices with high demand for North Sea oil from European refiners, a reduction of OPEC + free capacity and geopolitical tensions. Dated Brent is the oil quotation with physical shipment on a specific date. On its base the futures for the North Sea brand of the black gold are calculated.
Earlier, Bloomberg estimated that expensive oil would bring additional $65 billions to the Russian budget. In case of the fuel price of $ 100 per barrel, the amount is predicted to be even more stunning at the end of the year.