West Texas Intermediate and Brent crude oil prices rose. After the situation in the Middle East remains tense
Date: 5 April 2024 Oil Price Situation Analysis Unit Thai Oil PCL said that The factors affecting the price are as follows: West Texas and Brent crude oil prices rose. After the tension situation between Israel and Iran increased. Later, Israel increased security on its missile interception systems and mobilized reserve forces to deal with military retaliation from Iran.
The price of West Texas oil traded on April 4, 2024 was at 86.59 USD per barrel, an increase of +1.16 USD, and the price of Brent crude oil was at 90.65 USD per barrel, an increase of +1.30 USD per barrel.
Meanwhile, the conflict situation in Eastern Europe is another factor supporting oil prices. After the US minister Speaking at a meeting of the North Atlantic Treaty Organization (NATO), the alliance continues to fully support Ukraine’s accession to NATO. The Secretary General of NATO also added that the United States and European nations must work together for the strength and security of the region.
The market is keeping an eye on the release of figures for non-agricultural employment in the US (Nonfarm Payrolls) for March 2024, which will be revealed on April 5, 2024, which the market expects to be at the level of 212,000 jobs, a decrease from the previous month Jobs at a level of 275,000 jobs This economic figure is one of the numbers that the Federal Reserve (FED) uses to decide on lowering the policy interest rate.
price of gasoline
Gasoline prices fell in opposition to Dubai crude oil prices. Although US gasoline inventory figures For the week ending March 29, 2024, fell by more than 4.25 million barrels to 227.8 million barrels.
price of diesel fuel
The price of diesel increased less than the price of Dubai crude oil. After the supply of diesel fuel tends to increase. As Nigeria’s Dangote Refinery has released diesel fuel into the market since April 2, 2024.
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