Brent crude oil prices rise above $85 amid concerns over tight supply
Brent crude oil prices are on a bounce, and are up around 1.1% today at $85.72, amid a predicted drop in supply from Opec+ producers including Saudi Arabia and Russia.
A rise in the price of heating oil, as countries in the northern hemisphere start to prepare for colder months ahead, has also sparked some bullish views on crude.
That’s alongside a further drop in the number of US oil and gas rigs in operation.
It helped push US WTI crude prices up nearly 1.4% at $82.35 by Monday afternoon, and propelled stocks in oil companies like BP up 1.5% towards the top of the FTSE 100.