Global benchmark Brent crude prices settled near $84 per barrel in Asian trading on Tuesday, as investors assess the energy crisis plaguing global markets.<\/p>\n\n\n\n
US crude futures traded in New York above $82 a barrel, near a 2014 high, after rising 2.5 percent over the past three sessions.<\/p>\n\n\n\n
Russia has chosen not to send more natural gas to Europe, while OPEC+\u2019s efforts to pump enough crude to meet its production target are failing, leading to an exacerbation of the supply crisis in the energy markets. However, one technical indicator indicates that crude oil in the overbought zone is set to correct.<\/p>\n\n\n\n
Crude oil prices have risen over the past eight weeks, as the energy crisis \u2013 caused by shortages of natural gas and coal \u2013 coincided with a recovery in demand from major economies emerging from the pandemic.<\/p>\n\n\n\n
Russian Gazprom's exports to its main markets fell in the first two weeks of October to their lowest level since 2014, at least at this time of year, as domestic demand absorbed most of the production increases.<\/p>\n\n\n\n
The pipeline auctions for next month gave no indication that Russia plans to increase shipments to Europe, even after President Vladimir Putin said he was ready to increase supplies.<\/p>\n\n\n\n
On the other hand, OPEC+ production fell by 15% compared to what was planned in September, which reflects the inability of some members \u2013 including Nigeria, Angola, and Azerbaijan \u2013 to increase production to the agreed-upon volumes due to a lack of investment, exploration, and other issues.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Prices for Brent crude, the global benchmark, stabilized near $84 per barrel in Asian trading on Tuesday, as investors assessed the energy crisis rocking global markets. U.S. crude futures in New York traded above $82 per barrel, near their highest level since 2014, after rising 2.5% over the past three sessions. Russia chose \u2026 Read 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