March 29, 2023

Dubai Week

Complete Dubai News World


Oil to $ 84, close to 3-year high

Oil prices rose to $ 84 a barrel yesterday, close to a three-year low, supported by a recovery in global demand, which contributes to energy shortages in key economies such as China.

As demand from economies recovers from the corona virus epidemic, the Organization of the Petroleum Exporting Countries (OPEC) and its ally OPEC + are sticking to plans to gradually increase production rather than rapidly increasing supply.

Stephen Brennak of BP said: a. “OPEC + will move forward with a cautious approach to delivery by the end of the year.”

Brent crude rose two years to $ 83.67 a barrel, hitting $ 84.60 yesterday, the highest level since October 2018, and US crude was up 29 cents, or 0.4%, at $ 80.81 a barrel.

Jeffrey Haley, Onda’s brokerage analyst, said yesterday that there may be a lack of significant price change as the market appears to be buying higher based on short-term technical indicators such as the RSI.

“I wouldn’t be surprised if it drops to five to eight dollars a barrel a week this week,” he said.

The price of Brent crude has risen more than 60% this year. The increase was triggered by a record increase in European gas prices, in addition to OPEC + supply restrictions, which encouraged a shift to oil for power generation.


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