Oil Prices Continue to Rise Amid Expectations of Weak Supplies

Today, oil prices are continuing to increase due to expectations of a shortage in supply compared to demand, as well as a decrease in global oil inventories.

Current Oil Prices

As of 10:50 Moscow time, the futures for American oil have risen by 0.57% to $89.35 per barrel. Additionally, global futures for Brent oil have increased by 0.52% to $92.54 per barrel, according to Bloomberg.

Previous Day’s Performance

Yesterday, Brent crude contracts experienced a 1.5% rise, closing at $92.06 a barrel. This marks the highest level since mid-November. US crude oil contracts also saw a 1.8% increase, reaching $88.84 a barrel.

OPEC Report on Oil Inventories

An OPEC report revealed that OECD oil inventories declined by 7.9 million barrels month-on-month, reaching a record low of 2.779 billion barrels in July 2023.

Projected Global Oil Demand

According to the report, global oil demand is expected to rise by 2.25 million barrels per day in 2024, compared to a rise of 2.44 million barrels per day in 2023.

Source: RT+Bloomberg