MUMBAI (Archyde.com) – Crude oil prices are likely to surpass $100 a barrel due to strong global demand, analysts said this week, citing a possible war between Russia and Ukraine as one of their main concerns for markets in 2022.
Three analysts told the Archyde.com Global Markets Forum that oil prices will rise if global supplies are disrupted, as well as with the recovery in demand due to the escalation of natural gas prices in Europe and Asia, as well as the resumption of activities following the closures imposed to limit the spread of the Covid-19 pandemic.
“The biggest geopolitical risk is Ukraine. The trend is looking good overall for commodities,” said John Vail, chief global strategist at Nikko Asset Management in Tokyo.
Today, Brent crude rose $1.32, or 1.5 percent, to $92.43 a barrel by 11:20 GMT, following earlier touching its highest level since the first of 2014, recording $92.66.
West Texas Intermediate crude rose $1.45, or 1.6 percent, to $91.72 a barrel, following it also rose to a seven-year high of $91.91.
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Raw brent
TOKYO (Archyde.com) – Retreated oil prices Today, Friday, following rising to a seven-year high this week, as an increase in US crude and fuel inventories prompted investors to take profits from the rally.
Brent crude futures fell $2.46, or 2.8 percent, to $85.92 a barrel by 01:36 GMT. Contracts had earlier fallen 3 percent, the biggest decline since December 20. The global benchmark touched $89.50 a barrel on Thursday, the highest level since October 2014.
US West Texas Intermediate crude futures fell $2.61, or 3.1 percent, to $82.94 a barrel. US crude contracts fell earlier 3.2 percent, which is also the biggest decline since December 20, following rising to its highest level since October 2014 on Wednesday.
It seems that the recent increase in crude prices lost momentum on Thursday when Brent and US crude ended the trading session with modest losses. The benchmark has risen more than 10 percent since the beginning of the year amid fears of tight supplies.
Gasoline stocks in the United States, the world’s largest oil consumer, rose 5.9 million barrels, to the highest level since February 2021, according to the US Energy Information Administration. Crude stocks rose 515,000 barrels last week, missing industry expectations.
Administration data also showed a limited decline in crude consumption in refineries, which indicates a decline in demand.
The International Energy Agency said on Wednesday that oil supply is expected to exceed demand soon, as some producers are expected to pump at or above all-time highs, while demand holds up despite the spread of the Omicron from the Corona virus.
Oil prices rise amid fears of the continuing outbreak of Corona, and US crude futures are at $82.42 a barrel.
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US crude futures rose 0.37% to $82.42 a barrel
Oil prices rose, today, Friday, in light of economic concerns over demand for crude in the near term due to the high number of infections with the Corona virus.
US crude futures (West Texas Intermediate) rose 0.37% to $82.42 a barrel.
Brent crude futures rose 0.51% to $84.90 a barrel, according to Bloomberg website data.
The rise comes, at a time when media outlets quoted sources, that “China will release quantities of crude from its national strategic stocks during the Lunar New Year holiday,” which begins on the first of next February, as part of a plan coordinated by the United States. With other major consumers to lower global prices.
According to media sources, China has agreed in late 2021 to withdraw quantities of oil from stockpiles, depending on the levels of black gold prices in the markets.
Volubility Gas futures rose in Europe, during Friday’s trading, significantly, and exceeded the level of 1100 dollars per thousand cubic meters of gas.
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Oil continues to climb to the highest level since late November
written by Alexandra Hartman Editor-in-Chief
LONDON (Archyde.com) – It rose oil prices A sharp rise today, Thursday, to continue its rise from the previous session, due to the increasing unrest in oil-producing Kazakhstan and a member of the OPEC Plus alliance, in addition to the interruption of supplies from Libya.
Brent crude futures rose $1.78, or 2.2 percent, to $82.58 a barrel by 14:45 GMT, their highest level since late November.
West Texas Intermediate crude futures rose $2.18, or 2.8 percent, to $80.03, also their highest level since mid-November.
Kazakhstan currently produces 1.6 million barrels of oil per day. There are no indications that crude production has been affected so far.
On the same day, the Libyan National Oil Corporation said that Libyan oil production amounted to 729,000 barrels per day, down from more than 1.3 million barrels per day last year, which was its highest level, due to maintenance work and field closures.
Prices rose despite a rise in US fuel stocks last week.
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