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9/27, 8:05 AM (Source: TeleTrader)
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Brent price highest since October 2018 on supply concerns

International benchmark Brent crude oil futures nearly reached three-year highs on Monday after the United Kingdom government suspended its competition laws to improve fuel deliveries to petrol stations amid surging customer demand. Also, the United States Energy Information Administration revealed last week that oil inventories in the country declined by 3.5 million barrels to 414 million barrels.

Brent for November 2021 deliveries rose by 1.38% to go for $79.18 per barrel at 2:04 am ET, surpassing $79 for the first time since October 2018, while West Texas Intermediate (WTI) for settlements in November 2021 grew 1.50% to sell for $75.09.

Breaking the News / MS