International oil prices are under pressure at high levels, agencies say there may be $25 upside in the market

By    27 Oct,2021

International oil prices are under pressure at higher levels, with U.S. officials hinting at the potential economic benefits of Iran's return to the deal. But analysts say oil prices will maintain their upward trend, driven by strong demand from the U.S., the world's largest consumer of oil and oil products. And with the arrival of winter in the northern hemisphere and falling temperatures, energy prices around the world remain high.


At 16:38 GMT, NYMEX crude oil futures fell 0.43% to $83.42 per barrel; ICE Brent crude oil futures fell 0.22% to $84.98 per barrel. Both markets hit new highs overnight of $85.41/barrel since Oct. 14, 2014 and $85.77/barrel since Oct. 4, 2018.

Edward Moya, senior market analyst at OANDA, said in a report, "With a colder November expected, energy traders are bracing for a market that will be very tight, with demand at unprecedented levels this winter." He added that the oil market will remain tight and oil prices should be able to rise to around $90.