Jakarta, CNBC Indonesia – World oil prices rose slightly this morning. But the increase was enough to make the price of the black gold record a new record.
On Tuesday (26/10/2021) at 08:04 WIB, the price of Brent oil was at US$ 86.01/barrel. It was only up 0.02% from the previous day, but was the highest on record since October 2018.
“The world’s oil supply shortage is still showing, prices continue to rise. Moreover, at the same time demand is increasing so that existing stocks are running low. That’s why prices are rising,” said Louise Dickson, Senior Oil Markets Analyst at Rystad Energy, as quoted by Reuters.
Goldman Sachs in its research estimates that the price of Brent could reach above US$ 90/barrel by the end of the year. One of them is because of the high demand due to the increase in natural gas prices.
When the price of natural gas rises, the business world needs alternative energy that is more affordable. Apart from coal, oil is also an option.
“The switch from natural gas will make demand for oil rise by at least 1 million barrels/day. In order for the market to return to stability and balance, prices need to rise to US$ 110/barrel,” said Goldman Sachs research.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)