The price of oil in the US has been up over 83 dollars a barrel close to its all-time high, while Brent topped 80 dollars Among the reasons, the latest figures from the US Energy Information Administration howed lower stocks of crude there when industry analysts were expectating an increase. In addition workers at a Chevron facilities in Nigeria called a surprise strike and there was another fire at BP Alaskan oil field.
Earlier the International Energy Agency said despite the high prices demand is virtually unchanged .
The IEA in its monthly report also said: “There is a broad consensus that supplies will get tighter this winter.”
OPEC is set to raise output in November by half a million barrels a day. That follows months of pressure from the IEA which is worried about the impact of record oil prices above eighty dollars a barrel on consumers and economic growth.
OPEC’s expectation of how much oil the world will consume in the fourth quarter of this year is somewhat lower than the IEA’s forcast.
Another factor is the renewed weakness of the dollar. Oil is bought and sold in dollars and the US currency is again close to an all-time low against the euro.