The American slow reached $85 a barrel for the first time since October

The US crude’s future contracts reached $85 a barrel, for the first time since October, as the cutbacks of his offer + support a consistently enhanced market, according to a Bloomberg report. At the same time, the West Texas Intermediate forward contracts increased up to 1.6%, while the reduction of production by the Oil Exporting Countries Organization (OPEK+) and its allies – combined with the strong prospects for consumption this year – helped to increase prices. Conflicts in the Middle East have also caused the diversion of large parts of world shipping around Africa to keep crews and cargo safe. According to Bloomberg, nearby oil futures contracts are negotiated with large premiums compared to those intended for a later date, indicating strong demand for barrels to be delivered directly.