Tuesday, April 16, 2024

Oil prices are rising, and Brent crude is hovering above $ 105

Date:

Rose Oil pricesToday, Wednesday, in turbulent trade, is supported by fears of a widening supply deficit due to political tensions between Russia and Ukraine.

Oil prices began trading higher on Wednesday, before falling again under pressure from economic data from China and Japan, which have been showing a decline in demand for crude oil.

This is in line with Moscow’s announcement that peace talks with Ukraine have ended in a stalemate, which has raised fears over the lack of oil supplies due to geopolitical tensions.

Oil prices today

08:16 AM GMT (Mecca time 11:16 AM), futures pricesBrent crude – June delivery – more than 0.68%, reaching $ 105.35 a barrel.

Future contract prices have also risenWest Texas Intermediate Crude Oil – May delivery – 0.58%, rising to $ 101.18 per barrel.

Following the release of the monthly OPEC report, oil prices closed higher at around 7% on Tuesday, lowering expectations for growth. Global demand for oil This year, the repercussions of the Russian invasion of Ukraine on the world economy and the downgrade of oil supplies from outside the organization were downgraded.

China and Japan data

Weak economic data from China and Japan limited oil price gains; China’s crude oil imports fell 14% year-on-year for the second straight month.

Strict controls on the growing corona virus have also affected the demand of the world’s largest crude importer.

In February, Japan recorded its biggest monthly drop in major machine orders in almost two years, hit by a sharp drop in demand for information technology and other service providers.

See also  Local stocks gained Dh105 billion in April

Geopolitical tensions

Jeffrey Haley, OANDA’s chief market analyst, accused US President Joe Biden’s stalemate in peace talks and genocide in Russia, saying “negative oil prices are limited.”

He said the situation in Ukraine and Russia was raising oil prices and that it would not fall at any time. Reuters.

On Tuesday, Putin accused Ukraine of obstructing peace talks and said Moscow would not be ashamed of what it called a “special operation” to disarm its western neighbors.

The crude future is attracting support from a production slump Russian oil and gas On Monday, the capacitor fell below 10 million barrels a day, the lowest level since July 2020.

On Tuesday, those familiar with the data said Western sanctions and logistics restrictions were hampering trade following Russia’s invasion of Ukraine.

OPEC Alerts

Warned OPEC It suggested that it could not offset potential supply losses from Russia, and pointed out that it would not pump too much crude oil, and reports of some easing of some tight Chinese closures in the corona supported oil prices.

CMC markets analyst Tina Ding said she is confident China’s lockout will be eased slowly in some areas; Fuel demand will increase again.

Related topics.

Read this too ..

Subscribe to the newsletter to receive the most important energy news.

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

Share post:

Popular

More like this
Related

Boost Your Sales with Perfect Banner Printing Services in Dubai

In the fast-paced world of business, effective advertising is...

Defend Against DDoS Attacks with Qrator Labs’ Anti-DDoS Solutions

Protecting your online assets from DDoS (Distributed Denial of...

UAE Powering Gaming Boom in the Middle East

The gaming industry in the Middle East is experiencing...

iGym and the Youth Gym Culture in Dubai

In the dynamic city of Dubai, a new trend...