Oil prices above $ 123

According to the International Economics Group of Fars News Agency, quoted by Reuters, after the concern about the shortage of supply over the concerns about the demand for fuel due to the possibility of economic recession as well as restrictions Corona In China, oil prices rose in trading today.

Brent crude traded up $ 1.14 at $ 123.41 a barrel, while US crude was up $ 1.12 at $ 121.95 a barrel.

The market supply has been slightly intensified by the decrease of Libya’s exports in the midst of the political crisis in this country.

Other OPEC manufacturers plus Russia is facing a challenge to meet its production quota, and Russia is facing an oil ban due to the war in Ukraine.

Jeffrey هالری“The continued limited supply of refining products in the world, coupled with the lack of investment to increase the supply of OPEC members or other resources, means that Russia’s lost production is by no means covered by global markets,” the senior market analyst said in a note.

USB Bank raised its forecast for oil prices, announcing that Brent oil prices will reach $ 130 per barrel by the end of September and $ 125 in the next three seasons. This is while the bank had previously predicted the price of $ 115.

“Low oil reserves, declining excess capacity and the risk of backward supply growth from demand growth in the coming months have prompted us to increase our forecast for oil prices,” the bank said.

The market is waiting for the release of the weekly statistics of US oil reserves by the institute American Petroleum and the US Energy Information Administration to get an idea of ​​the small market supply and fuel supply.

Six analysts told Reuters that US oil reserves would decline by 1.2 million barrels in the week ending June 3, and gasoline reserves would increase by about 800,000 barrels.

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