March 29, 2023

Dubai Week

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The price of Brent oil has risen to $ 84.28 a barrel

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Oil prices on Friday headed for a weekly gain of more than two per cent as signs of tight supply continued to rise over the next few months.

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Oil prices are rising, and Brent is at $ 83.46 a barrel

Brent crude futures rose 28 cents, or 0.3 percent, to $ 84.28 a barrel at 01:56 GMT, up 82 cents in the previous session and 2.3 percent during the week.

U.S. West Texas crude deals also rose 30 cents, or 0.4 percent, to $ 81.61, up 87 percent yesterday from Thursday, and weekly gains are on track to reach three percent.

Analysts point out that oil stocks in the Organization for Economic Co-operation and Development have fallen to their lowest level since 2015.

Demand for this specialty has grown significantly as a result of recent corporate scandals, including industrialized gas and coal being used as fuel for oil and diesel.

Commonwealth Bank commodities analyst Vivek Dhar said, “This energy crisis has benefited oil, especially in coal and gas.

The International Energy Agency said Thursday that the energy crisis is expected to increase oil demand by 500,000 barrels a day.

By the end of this year, there will be a supply gap of about 700,000 barrels a day, until the Organization of the Petroleum Exporting Countries and its allies (OPEC +) add additional supplies as planned in January.

Source: Reuters