Quotes for March Brent futures on the London ICE Futures exchange reached $78.1 per barrel, which was $0.22 (0.3%) higher than the closing level of the previous trade.
On Thursday, January 18, there is an increase in oil prices for reference grades. The reason for this is the persistence of geopolitical tension in the Red Sea region. It was reported by enkorr.
According to Trading Economics, severe cold in some regions of the United States led to a reduction in production of 650-700 thousand barrels per day (b/d) in North Dakota, one of the leading oil producing states in the country.
It was noted that quotes for March futures for Brent on the London ICE Futures exchange reached $78.1 per barrel, which is $0.22 (0.3%) higher than the closing level of the previous trade. On Wednesday, these contracts were down $0.41 (0.5%) at $77.88 per barrel.
Futures prices for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) in the morning rose $0.4 (0.55%) to $72.96 a barrel. According to the trading results of the previous day, the value of these contracts increased by $0.16 (0.2%) and reached $72.56 per barrel.
As reported, the United States conducted an additional attack last night on facilities used by the Yemeni Houthis to attack international sea routes.
“US Central Command forces struck 14 missile launchers primed for launch in Houthi-controlled areas in Yemen,” US Central Command said in a statement on social media.
The US believes the strikes will “undermine the ability of the Houthis to continue their reckless attacks on international commercial shipping in the Red Sea, Bab al-Mandeb Strait and the Gulf of Aden.”
According to OPEC’s monthly report, published on Wednesday, January 17, global oil demand in 2024 will increase by 2.2 million b/d (to 104.36 million b/d), and next year an increase of 1.0 is expected million. 8 million b/ d (up to 106.21 million b/d). By the end of 2023, oil consumption increased by 2.5 million b/d and reached 102.11 million b/d.
It was earlier reported that world oil prices began to rise due to the escalation of tensions in the Middle East, including attacks by Western countries on Yemen.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.