Editor’s Choice, economic news 6:55am.2024-03-20
West Texas Crude Oil (WTI) contracts in New York closed positive for the second day in a row on Wednesday (March 19), supported by expectations that world oil supplies would be improved Impact of Ukraine’s attack on Russian oil refineries While investors are keeping an eye on today’s US crude oil stock report.
- The WTI crude oil contract is due in April. rose 75 cents, or 0.91%, to close at $83.47/barrel. This is the highest closing level since October 27, 2023.
- Brent crude oil contract (BRENT) for delivery in May. rose 49 cents, or 0.56%, to close at $87.38/barrel. This is the highest closing level since October 31, 2023.
Ukrainian military forces have carried out several attacks on Russian oil facilities this year. This month in particular, at least seven oil refineries were attacked with Ukrainian kroner. As a result, oil refining in Russia fell by 370,500 barrels per day, or 7% of the country’s refining capacity.
Alex Hoeds, an energy analyst at StoneX, estimated that the attack on Russian oil refineries could reduce the global oil supply by 350,000 barrels per day and will raise US crude prices. $3/barrel
Oil prices also received a positive boost from reports that Iraq, the second largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC), announced that it would reduce crude oil exports to 3.3 million barrels per day in the coming months. In the coming months Including the news that Saudi Arabia is the largest oil producer in OPEC. It has reduced oil exports in January. down to 6.297 million barrels per day from 6.308 million barrels per day in December. This is a drop in oil exports for the second consecutive month.
Oil prices were also supported by signs of strong demand and economic growth in China and the United States. Most recently, the US Department of Commerce revealed that the number of homes started increased 10.7% to 1.521 million units in February. compare monthly Higher than analysts’ expectations of 1.43 million units.
The American Petroleum Institute (API) said that US crude oil inventories fell by 1.5 million barrels in the week ended March 15, contrary to analysts’ expectations for an increase of 10,000 barrels, as investors watched. Administration (EIA).
By InfoQuest News Agency (20 Mar. ’24)
Tags: WTI , WTI oil , oil price
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