U.S. West Texas Intermediate (WTI) crude futures has passed the highest price of 2014 to reach more than $85 a barrel.
December Brent crude futures rose 1.11% to $85.59 a barrel, while WTI crude futures gained $1.52 to reach $85.03 a barrel.
Reduced demand for oil caused OPEC+ to shrink oil production by 9.7 million barrels daily since May of 2020. After the situation was more or less stabilized, the alliance increased oil production by 400,000 barrels.
Amounts of oil supplied to different recipients fails to meet the market requirements, with this causing a surge in oil prices.