2024-03-25 10:28:14
Oil prices opened higher in Asian trade this week amid worries about global supplies due to escalating conflicts in the Middle East and between Russia and Ukraine, Reuters reported.
North Sea Brent futures, Europe’s benchmark, rose 52 cents, or 0.6 percent, to $85.95 a barrel.
U.S. light crude futures were up 55 cents, or 0.7 percent, at $81.18 a barrel.
Both indicators fell by less than 1 percent last week compared to the previous week, as the reason for this was the rising dollar rate, BTA writes.
“Escalating geopolitical tensions, combined with an increase in attacks on energy facilities in Russia and Ukraine, along with dwindling hopes for a ceasefire in the Middle East, have raised concerns about global oil supplies,” said Hiroyuki Kikukawa, president of ENS Trading ( NS Trading), a division of “Nissan Securities” (Nissan Securities).
Meanwhile, the U.S. oil rig count fell by one to 509 last week, data from energy services firm Baker Hughes showed, indicating lower future supplies.