West Texas Intermediate and Brent crude oil prices rose. After the geopolitical situation there is still tension.
February 6, 2024 Oil Price Situation Analysis Unit Thai Oil PCL said that The factors affecting prices are as follows: West Texas and Brent crude oil prices increased. After the conflict situation between Russia and Ukraine, tensions have increased again. Since then the Ukrainian military has continued its attacks on Russian energy infrastructure. Most recently, an unmanned aerial vehicle (drone) attacked the Volgogard oil refinery in southern Russia.
The price of West Texas oil traded on February 5, 2024 was at 72.78 USD per barrel, an increase of +0.50 USD, and the price of Brent crude oil was at 77.99 USD per barrel, an increase of +0.66 USD per barrel.
The latest report from the Organization for Economic Co-operation and Development (OECD) raised its forecast for global economic growth in 2024 from 2.7% to 2.9% after the OECD expected that the US economy This year there is a trend of higher growth . It will grow at 2.1%, higher than the previous report of 1.5% after inflation tended to slow, leading the OECD to predict that the Federal Reserve (FED) is likely to cut interest rates again quarter of 2024.
The Service Sector Purchasing Managers’ Index in January 2024 was at 53.4, which is higher than the previous month’s level of 50.5. Such economic figures are consistent with US non-agricultural employment data. announced earlier As a result, the Federal Reserve (FED) is likely to maintain interest rates at a high level of 5.25-5.50%.
price of gasoline
The price of gasoline fell below the price of Dubai crude oil. After the market expected China’s gasoline export volume in February 2024 to fall to 0.6 million tonnes from 0.8 million tonnes last month after domestic demand increased during the Chinese New Year, however, it’ the market is still under pressure from the Pakistani gasoline auction for delivery in March 2024.
price of diesel fuel
Diesel price fell less than Dubai crude oil price. Although the market is under pressure due to the amount of diesel in Europe’s inventory. for the week ending February 1, 2024, it increased by 15.5% to 1.95 million tons, along with the volume of Russian diesel exports continuing to increase. Most recently, the volume of Russian diesel exports was at a level of 1.1 million barrels per day in January 2024.
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