Oil prices rose again

Oil prices rose today as investors assessed supply shortages and recovered after losing 3 percent of their value yesterday as tensions with Ukraine and Russia eased, Reuters reported. Demand for fuel are.

Brent crude traded up $ 1.43 at $ 94.41 a barrel. Brent oil prices fell 3.3 percent after Russia announced it had withdrawn some troops from near the Ukrainian border.

US crude traded down $ 1.93 at $ 93.16. The WTI lost 3.6 percent of its value yesterday.

Both indexes hit their highest level since September 2014 on Monday, with Brent crude trading at $ 96.78 and US crude at $ 95.82.

As demand increased, Brent crude grew by 50 percent in 2021 and US crude grew by 60 percent.

Moscow announced yesterday that it had withdrawn some of its troops from the Ukrainian border, but analysts said that beyond Ukrainian tensions, the oil market was still short of supply and was on track to reach $ 100.

جاناتان بارات“Technically, due to the withdrawal of profits, we can see prices return to $ 90, but with the economy returning to its path and increasing demand in a market facing a shortage of supply, the price trend is towards $ 100,” said the market analyst. . »

As the Ukraine crisis subsides, the US Department of Labor reports that producer prices reached their highest level in eight months in January, a reminder that high inflation could continue for most of the year.

Meanwhile, investors are waiting for the release of US oil inventories by the US Energy Information Administration on Wednesday.

A Reuters poll found that US crude and oil stocks fell 1.5 million barrels last week.

Institute Statistics American Petroleum has shown a decline in crude oil, gasoline and petroleum products over the past week.

Oil prices fell on Tuesday as investors’ gains from yesterday’s rise in prices as well as falling global stock indexes, although concerns about the Russia-Ukraine conflict and energy disruptions prevented further price declines. شد.(More details)

At the same time, the UAE Minister of Energy believes that the increase in oil prices is not due to a shortage of supply, and said: “It does not seem to be a matter of supply and demand, the main reason for the increase is geopolitical tensions that “The current one will arrive.”(More details)

But the head of the International Energy Agency yesterday called on OPEC Plus to close the gap between their talks and their actions.(More details)

This is while the research department of JP Morgan Bank announced: OPEC oil production shortage plus And worries about excess capacity are likely to cause the oil market to shrink and oil prices to reach $ 125 a barrel in the second quarter of this year.

“Since OPEC is unlikely,” the bank wrote in a note plus “If production quotas change their target, supply shortages will increase in 2022, and this could lead to a $ 30 increase in oil prices.”(More details)

end of Message/