He Brent crude oil barrel for delivery in September closed on Monday on the London futures market with a slight rise of 0.21% to $86.60.
On the other hand the West Texas Intermediate (WTI) oil price closed this Monday with a rise of 2.26% to $83.38 per barrelamid fears among operators of an escalation of the conflict in the Middle East.
(Read: Chilean economy grows 1.1% year-on-year in May, driven by mining).
Petroleum
Oil prices traded higher amid continued concerns about supply disruption due to the geopolitical situation in middle East.
In fact, last week geopolitical tensions offset the weekly inventory report from the U.S. Energy Information Administration (EIA)which revealed a sharp drop in consumer demand for refined products.
(You can read: Colombia lags in speed of land transport routes, according to the IMF).
As explained by the Analyst Tom Essaye In its daily ‘Sevens Report’, this, coupled with inventory build-ups in both the commercial supply of crude oil and gasoline, is a key factor “that has been supporting recent increases in oil prices.”
“For now, supply concerns seem to be driving the market, but crude price gains will be limited by recent signs of weak demand.“, Essaye adds.
Petroleum
(Read: How the Colombian economy will fare in the remainder of 2024).
Besides, Operators have their eyes set on Hurricane Beryl and its impact in the Atlantic and the Caribbeanalthough they consider it unlikely that this will affect oil prices.
In other markets, natural gas contracts for August delivery fell to $2.47 per thousand cubic feet on Monday, and gasoline contracts for August delivery rose to $2.57 per gallon.
EFE
Add Comment