Thursday, June 20, 2024

Oil prices: Longest gains since early 2022


At the end of this week’s trading, global oil markets ended Friday’s session with gains in balanced prices, pushing oil to a seventh straight week of gains. Brent crude oil last rose for seven consecutive weeks early last year, between January and February, signaling that oil markets have entered a new phase of recovery this year, and a longer one.

Yesterday, Brent crude futures rose 41 cents, or 0.5%, to settle at $86.81 a barrel. U.S. West Texas Intermediate crude futures rose 37 cents, or 0.5%, to settle at $83.19 a barrel. At the end of the week’s trade, Brent crude oil posted a weekly gain of 0.45%.

The rise in global oil prices was fueled by yesterday’s report from the International Energy Agency, which indicated that oil demand hit a record high of 103 barrels per day last July (see cities). In turn, OPEC announced last Thursday that it expects global demand for prices to rise by about 2.44 million barrels this year. In the second half of the year.

Knowing that oil markets received some disappointing news from China, with the announcement that its total exports fell 14.5% in July compared to last year. However, oil prices rebounded and held on to their gains over the weekend due to expectations from the International Energy Agency and OPEC. Oil markets got some boost from positive US economic data that suggested the Federal Reserve is moving towards ending a wave of interest rate hikes, which could contribute to providing some impetus to economic growth rates.

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

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