Oil prices continue to rise rapidly due to the threat of new supplies - Reuters
Kyiv • UNN
Oil prices soared above $88 per barrel, the highest since October, due to rising demand from China and the US, as well as escalating tensions in the Middle East, which are increasing supply concerns.
The price of oil has risen above $88 per barrel for the first time since October due to improved demand in China and the United States and growing concerns about oil supplies from the Middle East due to rising tensions in the region. This was reported by UNN with reference to Reuters.
Details
Futures for Brent crude for June delivery rose by $1.29, or about 1.5%, to $88.71 per barrel. Also, May futures for US West Texas Intermediate (WTI) rose by $1.30, or about 1.6%, to $85.01 per barrel.
Manufacturing activity in China grew for the first time in six months in March, and in the United States for the first time in a year or six months. This could lead to an increase in oil demand this year. China is the world's largest importer of crude oil and the second largest consumer, while the United States is the largest consumer.
The publication notes that after the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, which will take place on Wednesday and will consider the issue of oil production cuts, the exporting countries are likely to maintain the current voluntary production cuts of $2.2 million per day until the end of the second quarter.
Recall
Three russian Sokol oil tankers are anchored near Indian ports, indicating that russian oil trade with India has resumed despite US sanctions.
