Oil prices hit multi-year highs due to tight global supplies

Oil prices rose above $86 a barrel on Monday, extending multi-year gains after Saudi Arabia urged OPEC to be cautious in raising global production
, RT reported on Oct.
25.

Brent crude, the global benchmark, rose 71 cents, or 0.
8 percent, to $86.
24 a barrel, continuing to rise
after seven straight weeks of gains.
In early trading, Brent crude hit $86.
43 a barrel, its highest level
since October 2018.
U.
S.
benchmark West Texas Intermediate (WTI) crude futures rose 87 cents, or 1 percent, to $84.
63 a barrel, after rising 1.
5 percent
on Friday.
Earlier in the day, oil prices also hit their highest level since 2014 at $
84.
76 a barrel.

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, advised producers not to see higher oil prices as the norm, noting that while the coronavirus situation remains unpredictable, oil demand could soon fall.

"We are not out of danger, we have to be
careful," he said.
The crisis is under control, but not necessarily over"
.
Another OPEC+ member, Nigeria, followed suit with a suggestion that the 23-nation cartel must withstand pressure to increase oil production until the pandemic backs, with similar comments
from Azerbaijan.

Oil prices have more than
doubled in the past year as the global economy struggles to recover from the pandemic-induced crisis.
Despite a surge in energy consumption and a shortage of inventories, OPEC+ decided earlier this year to raise crude oil production by 400,000 barrels
per month.
Despite repeated calls for further production increases, the oil alliance has so far resisted pressure
to do so.
The next meeting of the organization is scheduled for 4 November
.