New York Crude Oil Hits Highest Level in 3 Years Amid Supply Shortage Concerns

[Asia Economy Reporter Cho Hyun-ui] New York crude oil prices reached their highest level in three years due to concerns over supply shortages.

On the 27th (Eastern Time), the November West Texas Intermediate (WTI) price on the New York Mercantile Exchange closed at $75.45 per barrel, up $1.47 (1.99%) from the previous session. This is the highest price since October 3, 2018.

Brent crude also traded at $79.53 per barrel on the London International Financial Futures Exchange (ICE), up $1.44 (1.84%) from the previous trading day.

Goldman Sachs raised its year-end forecast for Brent crude from $80 to $90 per barrel. Goldman Sachs stated, "Due to the impact of Hurricane Ida on supply and the recovery of demand in the Asia region, oil prices are expected to rise."