Oil continues to rise and crosses its highest level. Crude oil prices continued on a fifth session of rise in a row on Monday with Brent which even comes close to 80 dollars.

In a market with a permanently constrained supply and which is seeing an accumulation of factors for increasing demand, oil is rising at high speed. North Sea Brent crude futures for November delivery ended at $79.53, up 1.84% or $1.44 from Friday's close in London. Brent rose to $79.90 during the session, a level it had not reached since the end of October 2018. In New York, the barrel of American WTI for delivery the same month gained 1.98% or $1.47, to $75.45. Production at facilities in the Gulf of Mexico is still far from full capacity, due to the damage caused by Hurricane Ida in late August, and members of the Organization of the Petroleum Producing Countries (OPEC), together with their allies from OPEC+ are showing self-discipline in the very gradual increase in their volumes. While the market expects a further drop in US crude inventories, the US Energy Information Agency (EIA) forecasts US production to increase in 2022, to around 11.7 million barrels per year. day (mb/d), against 10.55 mb/d currently.