Published: 2024-04-02 12:15
Photo by Shannon Stapleton (Reuters/Scanpix).
Oil prices reached their highest level since October, as oil market participants assessed economic, geopolitical and logistical factors.
The price of a barrel of Brent crude oil in futures contracts reached $88 on Monday, the price of US WTI crude oil approached $85 in futures contracts.
Oil prices reached levels not seen since October. okteljim lm several coincident factors.
In the economic news, the optimism of the oil market participants regarding the demand for the resource will be fueled by strong industrial data from the USA and China. For example, China’s industrial sector recorded growth for the first time in 6 months.
Geopolitical developments in the Middle East following an Israeli strike on Iranian embassies in Syria will fuel concerns about oil supply disruptions.
The global oil market is growing and there are reports that the Mexican state oil company Pemex (Petroleos Mexicanos) plans to stop oil export processing plants in the USA, Europe and Asia for several months, according to Bloomberg sources. According to him, Mexico seeks to strengthen local fuel production before the upcoming presidential elections.
the volume of crude oil export reaches about 600,000 barrels per day.
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