Global oil prices rose on October 19 morning on fears of an energy crisis, according to trading data, Report informs referring to Prime agency.

As of 9:05 a.m. (GMT+4), the price of December futures for Brent crude rose by 0.09% to $84.41 per barrel, while the price of December futures for WTI rose 0.21% to $81.86 per barrel.

The oil market continues to show positive dynamics on October 19 morning, as investors assess the risks of an energy crisis. Brent crude hit a record $86 a barrel on October 18 for the first time since October 4, 2018.

Such a rally in the oil market is facilitated by an increase in demand with a lack of supply. In addition, surges in gas prices in the presence of gas shortages in Europe also aggravate situation with energy resources. Back in early August, the estimated price of the nearest future on the Dutch TTF index was about $515 per 1,000 cubic meters, and by the end of September the figure had more than doubled. Starting from October 6, gas prices on the world market began to decline, reaching a historic high of $1,937 per 1,000 cubic meters.