Oil prices have seen a sharp increase in world commodity markets, APA-Economics reports.
On November 14, December futures of WTI oil on the New York NYMEX exchange increased by $ 1.40, or 2.39%, to $ 60.09 per barrel. On the ICE exchange, the January 2026 contract of Brent oil rose by $ 1.38, or 2.19%, to $ 64.39.
Analysts note that the main reason for the increase in oil prices is the larger-than-expected decrease in commercial oil reserves in the United States, geopolitical risks in the Middle East have increased concerns about supply, and OPEC+ countries have renewed their intention to keep production at a low level. These factors have strengthened expectations that supply will weaken in the market, leading to a rise in prices.
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