Friday, 19 April 2024
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Commodity

Oil prices climb as supply issues are made worse

  • Asian trade saw an increase in oil prices as worries about a tighter global supply.
  • U.S. oil prices rose 55 cents to $81.18 per barrel, while Brent crude futures increased 52 cents to $85.95.
  • The demand for accessible crude oil cargoes has increased as a result of disruptions to Russia’s oil refineries.

Monday’s early Asian trade saw an increase in oil prices as worries about a tighter global supply brought on by the intensifying crises in the Middle East and between Russia and Ukraine increased.

In the meantime, U.S. oil prices rose 55 cents to $81.18 per barrel, while Brent crude futures increased 52 cents to $85.95. Comparing last week to the week before, both benchmarks decreased by less than 1%.

Oil prices

The dollar’s strength has kept prices in check. Concerns over the world‘s oil supply were exacerbated by rising geopolitical tension, attacks on energy infrastructure in Russia and Ukraine, and waning prospects for a truce in the Middle East.

Last week’s one-rig drop in the U.S. oil rig count to 509 suggests a reduction in future production. Moscow attacked Ukraine’s energy system with 57 missiles and drones in retaliation for Ukraine’s recent attacks on Russian oil facilities.

The demand for accessible crude oil cargoes has increased as a result of disruptions to Russia’s oil refineries, which have put additional pressure on the fuel markets. The tightening of the global market was exacerbated by Indian refineries’ refusal to accept Russian oil transported aboard PJSC Sovcomflot ships as a result of US sanctions.

Israeli forces encircled two additional Gaza hospitals in the Middle East, trapping medical personnel under intense crossfire. Netanyahu was forewarned by U.S. Secretary of State Antony Blinken that Israel would be isolated internationally if it invaded Rafah in the Gaza Strip.

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