Brent rose above $80 per barrel for the first time since October 2018

On Tuesday, the price of Brent oil rose above the level of $80 per barrel for the first time in three years, reaching a maximum at $80.16. The current quote of the asset is $79.42 per barrel. WTI oil rose to $76.67 per barrel.

Prices are supported by the growing concern of traders about the reduction of raw materials stocks around the world with increased demand on the eve of winter. The shortage of natural gas in some countries also pushes the price of oil up, as the high cost of gas forces consumers to switch to using cheaper oil.

Analysts believe that this factor will increase the demand for oil by 500 thousand barrels per day in the coming winter. Moreover, it is expected that oil and natural gas prices will continue to rise in the coming months, as fundamental market factors clearly speak in support of the bullish trend.

Earlier, Goldman Sachs experts raised the forecast for the cost of Brent at the end of this year to $90 per barrel (from $80 per barrel), noting that the oil market may face a more serious deficit than previously expected.