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oil prices
oil prices
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Worldwide oil prices go up due to a positive forecast from the IEA and disruptions in US oil production.

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Global oil prices went up recently, continuing a trend from the previous day. The International Energy Agency (IEA) played a key role by sharing a positive outlook on global oil demand.

Issues with U.S. crude oil production also contributed to the price increase.

Here’s a quick look at the market:

  • Brent crude is now at $78.6 per barrel, a slight 0.06% increase for the day.
  • West Texas Intermediate crude (WTI) is trading at $73.9 per barrel, up by 0.17% compared to the last close.
  • Both types of oil are set to end the week with gains, mainly due to concerns about potential disruptions in oil supply.

Geopolitical tensions in the Middle East and a report from the U.S. Energy Information Administration (EIA) about a larger-than-expected decrease in crude inventories also influenced prices. This unexpected drop in inventories eased worries about a significant buildup, providing some support to oil prices, as explained by Giovanni Staunovo, an analyst at UBS.

The IEA’s monthly report predicts a growth in oil demand for 2024, and OPEC maintains a positive outlook for this year and 2025.

In the United States, extreme weather conditions and operational issues led to about 40% of oil production in North Dakota being offline. Despite this, the U.S. set another record in crude oil production last week, reaching 13.3 million barrels per day, according to EIA data.

Fatih Birol, the executive director of the IEA, expressed confidence in the oil market’s stability, foreseeing a comfortable and balanced situation throughout the year despite challenges like rising supply, slower demand growth, and Middle East tensions.

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