Friday, June 21, 2024

Oil price rises 3% .. Brent crude is close to $ 103

Date:

Rose Oil prices Today, about 3% of Wednesday’s trade is recovering from some of the losses incurred during previous sessions.

The decline comes in the wake of the continuing Russian invasion of Ukraine, which has added turbulent deals to ceasefire negotiations.

Oil prices ended trading 6.5% lower on Tuesday, with Brent crude falling below $ 100 a barrel, in anticipation of the release of the monthly OPEC report and the Russia-Ukraine talks.

Oil prices today

08:04 AM GMT (11:04 AM Mecca time), futures pricesWest Texas Intermediate Crude Oil – April delivery – 2.40%, reaching $ 98.75 a barrel.

Future prices also rose Brent crude – May 2022 Delivery – 3.05%, registering $ 102.96 per barrel.

Oil fell below $ 100 on Tuesday for the first time since late February.

Ukrainian crisis

In a video address released early Wednesday, Ukrainian President Volodymyr Zhelensky said that although the positions of Ukraine and Russia in the peace talks appeared to be very realistic, it needed more time.

According to CMC markets analyst Tina Ding, the strength of the dollar is a key factor in pushing up oil prices and investors expect the US Federal Reserve to adhere to a tight monetary policy to control inflation.

Analysts expect the Federal Reserve to raise its key interest rate by a quarter of a percentage point at the end of a policy meeting that began yesterday to combat high inflation.

Ding said higher interest rates will strengthen the US dollar and weaken oil demand, with the stronger dollar paying higher prices for holders of other currencies.

Mutual transactions

Oil trading sessions were volatile after the Russian invasion of Ukraine on February 24. On March 7, prices rose to a 14-year low, but Brent crude fell about $ 40 a barrel and the WTI lost about $ 34.

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Prices were under pressure this week on fears that demand will fall in China, the world’s most populous country and the world’s second-largest oil consumer bypassing the Omigron variant.

China’s National Health Commission said on Wednesday that new cases spreading domestically had almost halved on March 15 compared to the previous day.

For his part, Stephen Innes, managing partner of SBI Asset Management, said that if the Omigron infection was mild, some parts of China could be freed from closure and that the risks of corona would disappear quickly, especially with large populations. She said. Reuters.

US oil stocks

This is in line with US Petroleum’s preliminary data showing that U.S. oil stocks rose 3.8 million barrels in the week ended March 11, while gasoline stocks fell 3.8 million barrels and distilled shares rose 888,000 barrels. Anonymous spoke of his identity.

U.S. inventory data will be released later Wednesday by the U.S. Energy Information Administration.

According to the Organization of the Petroleum Exporting Countries (OPEC)OPEC) On Tuesday, oil demand in 2022 was challenged by the Russian invasion of Ukraine and rising crude inflation, raising the possibility of cuts to its forecast for strong demand this year.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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