The price of a barrel of Brent oil rose on Tuesday to more than 80 dollars (more than 68 euros), the highest level since October 2018. Oil prices have been rising for some time due to strong demand due to the economic recovery.

Supply on the oil market may also come under increasing pressure as less investment is made in fossil fuel projects.

The price of a barrel of Brent oil (159 liters), the benchmark for oil from the Middle East, Africa and Europe, rose by 1 percent during exchange trading in Asia to $ 80.33.

The price of a barrel of American WTI (West Texas Intermediate) oil rose by 1.1 percent to $ 76.25 per barrel.

Rising oil prices go hand in hand with soaring gas prices.

In Europe, gas prices have reached new record levels and in the UK there are even concerns about gas shortages as the winter season approaches.

Experts believe that oil prices could continue to rise.

Oil cartel OPEC and allies like Russia are gradually increasing production.

The countries had previously sharply reduced oil production due to the corona crisis in order to prop up prices.

Investment bank Goldman Sachs believes, however, that the production increases by OPEC+, as the alliance is called, will not be enough to keep up with growing demand for the foreseeable future.

OPEC will release a report later today on forecasts for global oil demand.