Oil prices climbed to five-month highs today. The rise in oil prices is due to the prospect of demand growth, Reuters wrote. Brent North Sea crude was up 1 percent around 19:00 CEST and was close to $88 per barrel. U.S. West Texas Intermediate (WTI) crude gained roughly 1.4 percent at the same time, topping $84 a barrel.
Prospects for oil demand growth were supported by favorable economic reports from the United States and China. “Strong summer demand for gasoline and a rebound in Chinese oil demand could be a double whammy that pushes oil prices toward $100 a barrel,” said Mizuho analyst Bob Yawger.
The US central bank (Fed) is expected to start cutting interest rates this year. This could boost economic growth and fuel demand in the United States, the world’s largest oil consumer.
In addition, concerns about supply constraints persist in the oil market. The OPEC+ group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, agreed last month to extend its production cuts until the end of June. By limiting production, the group is trying to support oil prices and prevent supply from exceeding demand. It is also assumed that Ukrainian attacks on Russian refineries will lead to a decrease in fuel exports from Russia, Reuters wrote.
WTI oil price development (1-hour chart – H1):
Brent oil price development (1-hour chart – H1):
Source: Reuters, ČTK, OPEC, MT4, Mizuho
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