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The price of crude oil exceeds US$80/barrel and the price of chemical products soars

  • Author:Patricia Zhao
  • Source:Original
  • Release on:2021-10-12

In addition to the global coal shortage, crude oil, the "king of commodities", has also surged in anticipation of tight supply and economic recovery.

On October 8, the price of Brent oil exceeds US$80/barrel for the first time after a lapse of three years; on October 12, the price of Brent oil surged by more than 4% to $83.55. Given the strong demand for crude oil and OPEC has no incentive to increase production, crude oil prices may not fall in the short term.

Driven by the sharp rise in crude oil, the prices of chemical products have also risen sharply.

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