Oil prices keep rising

Economy 10:40 18.03.2024

Prices for benchmark oil rose on Monday morning, Ednews informs via Interfax.

The Brent May futures price on the London ICE Futures exchange was $85.64 per barrel, which is $0.3 (0.35%) higher than the closing figure of the previous session.

On Friday, these contracts fell by $0.08 (0.1%) to $85.34 per barrel.

Quotes of WTI oil futures for April in e-trading on the New York Mercantile Exchange (NYMEX) in the morning increased by $0.35 (0.43%) to $81.39 per barrel.

At the end of the last session, the price of these contracts decreased by $0.22 (0.3%) to $81.04 per barrel.

Despite a slight downward change in trading on Friday, over the past week, the price of crude rose by about 4%.

The news about the reduction in US oil reserves for the first time in seven weeks influenced the rise in prices.

Also, factors contributing to the growth of quotes are the persistence of geopolitical tensions in the Middle East, attacks by Ukrainian drones on Russian refineries and the extension of production restrictions by OPEC+ countries.

In addition, the International Energy Agency (IEA) raised its demand forecast in 2024 by 200,000 barrels per day - to 103.2 million bpd. As a result, the IEA now expects the global market to face a deficit of around 300,000 b/d this year instead of the small surplus previously expected if OPEC+ restrictions remain in place.

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