The barrel was traded at 80.43 dollars on Tuesday, 2.8% more than in the Last day.
This rise to the highest level since October 10, 2018 came a day after OPEC and its allies decided, in a conference call, to leave unchanged the current plan to gradually and moderately increase oil supplies.
Led by Saudi Arabia and Russia, the 23 member countries of the alliance known as "OPEC+" have confirmed that in November they will add only 400,000 barrels a day of oil to the market, as they had already agreed in July.
With this, they will continue to leave much of the large production cut in place since May 2020, which they adopted to deal with the collapse in consumption and prices caused by last year's pandemic crisis.
The decision disappointed markets, which had expected a further increase in light of rising energy prices and the prospect of a tight world supply to meet increasingly robust demand, driven by the post-pandemic recovery and the cold season in the northern hemisphere.
Gasoline prices immediately reacted with strong rallies and continued the upward trend today, with Brent crude to exceed $83 a barrel this morning for the first time since October 2018, while WTI (West Texas Intermediate) crude ended on Tuesday at $78.93, the highest level in seven years.
In the case of the OPEC reference barrel, the daily price on Tuesday doubled that recorded a year earlier (US$39.07) and rose its average value to US$67.01 since the beginning of 2021, thus recovering not only from the 2020 dip, which left that year's average at $41.47, but also already surpassing the $64.04 that was the full-year average of 2019.
Oil price exceeds $80 for first time since 2018
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