Oil reached the highest intraday price of this 2023 because the decrease in flows from Russia, production cuts by the Organization of the Petroleum Exporting Countries (Opec+) and the fall in inventories in the United States They target a tighter market.
(See: Would the price of oil go back below 80 dollars per barrel?).
West Texas Intermediate (WTI) crude exceeded $82 per barrel, buoyed by a broader rebound triggered by signs of more subdued US inflation.
Russian shipments fell below 3 million barrels a day for the first time in eight weeks after Moscow vowed to cut production.
(See: Ricardo Roa Barragán was appointed as the new president of Ecopetrol).
And, in the US, oil inventories at the key storage center in Cushing, Oklahoma, they fell for a sixth week to hover around their lowest level since January.
It is likely that, as a result, oil prices “go a little higher from heresaid Rob Thummel, portfolio manager at Tortoise Capital Advisors.
(See: Non-oil foreign investment does not translate into more exports).
Crude has rebounded from the 15-month low recorded in March after Opec+ cut production.
Operators also hold to the view that Chinese demand will recover.
(See: Why Alaska needs the Willow oil project for its economy.)
In the Middle East, pipeline flows from Iraq’s semi-autonomous Kurdistan region remain at a standstill.
Bloomberg
