It seems unbelievable that any type of oil could cost the same or above 80 dollars, however that is the reality, brent oil has surpassed the price of 80 dollars per barrel.
There are external agents of which little we can imagine that can make the price rise, you can go into the news and look for the reasons why they can raise or lower the price of oil, and for sure you will not find any reason that tells us that they are the causes of what has made this current oil market rise.
While it is true that a few days ago I told you about the reasons why the price of natural gas had risen, you should also be aware that there are other factors that seem to influence the current increase in Brent oil.
Of course we know that the demand for oil has been acting very reserved based on the problems of the covid-19 pandemic, which is why the oil markets are not going to increase oil production, but are going to keep their production adjusted based on the current demand conditions.
With the high prices of natural gas, it is almost impossible to alleviate this climatic crisis by using natural gas as fuel, without being able to count on natural gas due to its high prices and with a quite infamous oil supply, logically, Brent oil prices are touching above 80 dollars.
There is another very important factor from my point of view and that perhaps is not much mentioned in the news, and is the fact that there is no competition as such to meet the demand for fossil fuel energy, although it is true that clean and renewable energies are the sustainable way, they have not been able to meet the current energy needs, for proof of this the prices that are taking hydrocarbons today.
These sudden high prices of oil and natural gas certainly affect the oil market and create destabilization, in times when we are entering a transition stage in the use and adaptation of renewable energy, we still have not been able to overcome this type of economic crisis in price fluctuations in natural resources such as oil and natural gas.