Oil Prices Hit Highest Level since 2014

Oil prices rose on Tuesday, with US NYMEX crude climbing to its highest level in 7 years, with optimism about the strength of global demand.

“OPEC” and allies will meet next week to assess the current production policy, while Russian Deputy Prime Minister “Alexander Novak” stated that his country expects the group’s direction to increase its oil production by 400,000 barrels per day, as previously scheduled.

Goldman Sachs believes that Brent crude is likely to exceed its forecast by the end of this year at $90 a barrel, while Larry Fink, CEO of BlackRock, sees the possibility of oil reaching the $100 level.

Investors are awaiting the release of the oil and gasoline inventories data later in the day, while the Energy Information Administration will release official figures on Wednesday.

The price of Brent crude futures for December delivery rose 0.5%, or 41 cents, to settle at $86.40 a barrel, while the price of the US West Texas crude (WTI) contract for December delivery rose by 1.1%, or 89 cents, at $ 84.65 a barrel, the highest level since October 2014.