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Brent crude crossed Monday at $ 81, its highest level in almost four years, against a backdrop of a tightening oil market, with OPEC leaders saying they would not immediately boost production.
US crude West Texas Intermediate rose $ 1.80, or 2.5%, to $ 72.55, its highest level since July.
Brent reached his first four-year record in morning trading. According to some analysts, oil prices have increased earnings at midday, increasing the chances of a breakup.
"If we get close to $ 80, it will be very optimistic, and from there we could see a bigger increase, at $ 83 or $ 85," said John Kilduff, founding partner of the Again Capital Energy Hedge Fund. "This should lead to additional purchases."
J.P. Morgan wrote in his latest market outlook that "a peak at $ 90 a barrel is likely" in the coming months thanks to US sanctions on Iranian oil exports, which have fallen dramatically in recent months. The bank expects the benchmark WTI prices for Brent and the United States to average $ 85 and $ 76 per barrel, respectively, over the next six months.
A meeting of oil ministers from OPEC and non-OPEC countries in Algiers concluded this weekend that the cartel of 15 countries and its allies refrain from boosting production, despite the demands of President Donald Trump. Ministers said that they would only increase production if customers wanted more goods.
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