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2024-03-19 Economy
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The price of Brent oil on ICE exceeded $87 per barrel for the first time since November 3, 2023
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Direct Translation via Google Translate. Edited.
[Regnum] The price of futures for Brent oil for delivery in May rose above $87 per barrel on March 18 on the London ICE exchange, trading data shows.
This happened for the first time since November 3, 2023. According to ICE data at 21:46 Moscow time, the price rose to $87.01 (by 1.96%). At the same time, by 21:55 Moscow time, the Brent futures price dropped to $86.97.
The futures price for WTI oil for delivery in May reached $82.07 per barrel (an increase of 1.41%).
As Regnum reported, in mid-September at the auction the price of Brent oil exceeded $94 per barrel, which has not been observed since November 16, 2022. The rise in cost comes as forecasts for a deficit in the oil market in the fourth quarter of 2023 after Russia and Saudi Arabia announced voluntary cuts in exports and production of the resource.
On January 7, 2024, Bloomberg wrote that Saudi Arabia, against the backdrop of declining market demand, decided to reduce oil prices for buyers in all regions, including Asia. Riyadh associated its move with the risk of a supply surplus arising from increased oil supplies from the United States.
In October, the World Bank released a report saying that further escalation of the conflict in the Middle East could cause oil prices to rise by 56-75%. In this situation, the cost of raw materials can reach $140–157 per barrel.
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Posted by badanov 2024-03-19 00:00||
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