Brent crude jumps above $80 a barrel for the first time since 2018.

Arabic and international

Economy News _ Baghdad

The price of Brent crude jumped, on Tuesday, above $ 80 for the first time in nearly three years, amid expectations of rising demand and concerns about supplies as the world slowly emerges from the epidemic crisis.

Brent crude rose 0.8 percent in Asian morning trading to $80.19, its highest level since October 2018, according to AFP.

West Texas Intermediate crude also rose 0.9 percent to $76.07.

Global supplies are tight due to the rapid recovery in fuel demand from the Delta outbreak and Hurricane Ida’s damage to US production.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, the group known as OPEC+, are facing difficulties in increasing production as the lack of investment continues or maintenance work is delayed due to the pandemic.


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