2024-02-17 12:04:24
The price of April futures for Brent oil on the London ICE Futures exchange as of 8:20 Moscow time is $82.68 per barrel, which is $0.09 (0.11%) lower than at the close of previous trading. On Tuesday, these contracts rose in price by $0.77 (0.9%) to $82.77 per barrel, Day.Az reports with reference to Interfax.
WTI oil futures for March in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.04 (0.05%) by this time to $77.83 per barrel. According to the results of previous trading, the cost of these contracts increased by $0.95 (1.2%) to $77.87 per barrel.
American Petroleum Institute (API) estimates released overnight Tuesday showed a jump in US oil inventories in the week ending February 9 by 8.52 million barrels.
The Ministry of Energy will publish official data on energy reserves in the United States on Wednesday at 18:30 Moscow time.
Traders continue to weigh the outlook for global fuel demand and the risks of supply disruptions from the Middle East.
Amid Middle East tensions, the oil market is “yo-yoing, up and down, but not really going anywhere,” Velandera Energy Partners managing director Manish Raj said, as quoted by Market Watch.
“Unfortunately, in the Middle East, events are basically repeating themselves – bombings, followed by negotiations for a truce, and then more bombings,” the expert says.
Meanwhile, OPEC and the International Energy Agency (IEA) differ on the outlook for global oil demand.
Thus, OPEC, which published a monthly report on Tuesday, maintained its forecast for global oil demand growth in 2024 at 2.25 million barrels per day (b/d).
Meanwhile, IEA head Fatih Birol said that his organization expects global demand to increase this year by only 1.2-1.3 million barrels per day (b/d) – at a much weaker pace than last year (2.254 million b/d). /c) as economic growth slows in China and many other parts of the world.
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