2023-07-22 06:24:00
Evidence of a shortage of oil supplies in the coming months and the intensification of the conflict between Russia and Ukraine
BANGALORE – Archyde.com
Posted on: July 22, 2023: 10:24 AM GST Last updated: July 22, 2023: 10:55 AM GST
Oil prices rose by more than a dollar a barrel in Friday’s session, supported by increasing evidence of supply shortages in the coming months and the intensification of the conflict between Russia and Ukraine, which would lead to a continued decline in supplies.
Brent crude futures rose $1.43, or 1.8%, to reach $81.07 a barrel upon settlement, rising for the fourth consecutive week following recording gains of 1.09% in the last week.
US West Texas Intermediate crude futures rose $1.42, or 1.9%, to settle at $77.07 a barrel, the highest level since April 25, while weekly gains amounted to 1.84%.
“Global supplies are beginning to decline and this might accelerate significantly in the coming weeks. Prices may also be affected by the rising risks of war,” said analyst at Price Futures Group Phil Flynn.
Russia continued to bomb Ukrainian food export facilities for the fourth consecutive day in Friday’s session and seized ships in the Black Sea, in an escalation of the conflict in the region since Moscow’s withdrawal this week from the United Nations-brokered grain export agreement through the Black Sea.
The US Energy Information Administration said on Wednesday that crude oil stocks shrank amid a jump in crude exports and increased refinery utilization.
Meanwhile, investors welcomed the economic stimulus measures aimed at shoring up China’s sluggish economy.
Data from the world’s second largest oil consumer indicates that the government’s annual growth target of 5% will not be met.
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