WTI crude futures were up more than 1% past the $82 level today. After the US revealed that crude inventories fell more than expected last week.
As of 10:50 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in February. Trading on the NYMEX was up $1.21, or 1.49.9%, to $82.43 a barrel. Meanwhile, Brent crude oil rose 1.09 percent to $84.63/barrel.
The Energy Information Administration (EIA) reported that US crude inventories fell 4.6 million barrels last week. while analysts expected a decrease of just 1.6 million barrels.
The American Petroleum Institute (API), a US oil industry group. previously disclosed that US crude inventories fell 1.1 million barrels last week.
Analysts predict that Oil prices will surpass $100/barrel in the first quarter of this year. After soaring 50% last year
“If the Chinese economy does not collapse And OPEC Plus continues to increase production only slightly. I also expect Brent crude to hit $100 in the first quarter of this year. Or sooner,” said OANDA analyst Jeffrey Halley.
In addition, experts also revealed that Oil prices have been bolstered by countries not turning back to economic lockdowns that have taken place in 2020 despite the coronavirus pandemic. Omicron species now The positive factor is the fact that the business sector still has limited investment in the oil industry. and from the tight oil market while the Organization of the Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus produce less oil than the specified quota Because some members are Nigeria and Libya. facing problems in domestic production
On the Morgan side Stanley expects oil prices to hit $90 in the third quarter, while JPMorgan expects it to hit $90 by the end of the year.
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