The price of Brent oil for May delivery exceeded $85 per barrel for the first time since November 7, 2023. This is evidenced by trading data on the ICE exchange.
As of 17:11 Moscow time, the price of oil of this quality increased by 1.29% to $ 85.11 per barrel. At the same time, April futures contracts of American WTI oil increased by 1.63% to $81.02 per barrel.
By agency Reuters The updated forecasts of the International Energy Agency (IEA) point to a tightening in the oil market, causing prices to rise.
The IEA raised its demand growth forecasts for 2024 but warned that a slowing global economy would impact oil use. The organization also lowered its supply forecasts and expects growth to rise to 102.9 million barrels per day in 2024. While US prices increased by 0.6% due to rising gasoline prices, consumer spending weakened due to inflation concerns.
Despite these economic changes, market sentiment regarding possible Fed rate cuts has remained largely unchanged. Additionally, Russia expects an increase in crude oil exports despite ongoing disruptions due to Ukraine’s drones targeting oil refineries.
Previously in BCS appreciated Putin’s statement regarding the threat of Russia losing part of the oil market.
Formerly OPEC encountered There are problems in the implementation of the agreement due to Iraq.