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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Oil Prices Maintain Gains amid Signs of Strength in Markets


Wed 28 Feb 2024 | 01:22 AM
Petroleos de Venezuela oil pump on Lake Maracaibo in Cabimas, Zulia State, Venezuela Source: Bloomberg
Petroleos de Venezuela oil pump on Lake Maracaibo in Cabimas, Zulia State, Venezuela Source: Bloomberg
Taarek Refaat

Oil prices maintained gains, supported by signs of strength in physical markets that supported broader trader sentiment.

Brent crude was trading at a price exceeding $82 per barrel after rising by 1.1% Monday, while the price of West Texas Intermediate (WTI) was less than $78. 

Latest Oil Prices

WTI CRUDE • $78.87  +1.66%

BRENT CRUDE • $83.28 +0.91%

MURBAN CRUDE • $82.28  +0.29%

NATURAL GAS • $1.615  -2.65%

LOUISIANA LIGHT •  $80.93 +2.31%

BONNY LIGHT • $84.28  -1.57%

OPEC BASKET • $80.83  -1.70%

MARS US • $78.07  -2.07%

GASOLINE • $2.344  +1.68%

There were signs of recent purchasing activity from refineries in the world's two largest economies, the United States and China, which pushed crude prices higher. 

Oil spreads, which are widely monitored, also strengthened, indicating an increase in demand in the near term.

Oil is on track for a second monthly rise, although it has not yet emerged decisively from its recent narrow range. While tensions in the Middle East and OPEC+ supply restrictions supported crude oil prices, rising production from outside the group, including the United States, limited gains.

The driving and conflicting factors in the market led both Goldman Sachs and Bank of America to predict that range-bound trading will continue in the near term. Goldman Sachs sees a $20 range hovering around $70 per barrel, with light fluctuations, while its competitor expects the oil price to stabilize between $60 and $80.