Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Oil Prices Hit Highest Levels since November amid Stronger Markets

Sun 03 Mar 2024 | 04:45 AM
Taarek Refaat

Oil prices continued to rise this year, reaching the $80 per barrel region amid signs of a tightening market.

The price of West Texas Intermediate (WTI) crossed the main level ($80 per barrel) earlier in Friday trading before trimming its gains to close 2.2% higher at the highest settlement price since November. Crude spreads, which reflect physical market conditions, jumped this week in a sign of tightening supply and demand balances.

Latest Oil Prices

WTI CRUDE $79.97  +2.19%

BRENT $83.55 +2.00%

MURBAN CRUDE $83.56 +1.63%

NATURAL GAS $1.835 -1.34%

LOUISIANA LIGHT $81.79 +1.06%

BONNY LIGHT $87.20 +2.19%

OPEC BASKET $82.01 -0.01%

MARS US $78.07  -2.07%

GASOLINE $2.614 +1.29%

Geopolitical tensions - including the war between Israel and Hamas and attacks on tankers in the Red Sea - consolidated some of the gains, as dozens of Palestinians were killed and injured in an escalation of violence on Thursday. This rise also received support from OPEC+ supply cuts, amid widespread expectations that the alliance will extend restrictions in the second quarter.

But rising non-OPEC supplies and ongoing concerns about China's prospects kept the rally in check. Factory activity in the country contracted again last month, adding to signs of weak demand.

OPEC+ is expected to extend current supply cuts into the next quarter in an attempt to avoid a global glut and support prices, according to a survey conducted by Bloomberg. The coalition imposed production restrictions amounting to about two million barrels per day.