2024-01-02 13:53:25
International oil prices rose more than 2% on the first trading day of the new year, mainly driven by possible supply disruptions in the Middle East following the latest attack on a container ship in the Red Sea and hopes for demand from China.
Before the deadline, it expired in March.Brent crude oilFutures rose 2.18% to US$78.72 per barrel on Tuesday (2nd); West Texas crude oil futures expiring in February rose 2.33% to US$73.35 per barrel.
According to a Archyde.com survey of economists and analysts,Brent crude oilThe average price this year is US$82.56 per barrel, slightly higher than the average price of US$82.17 in 2023. Weak global economic growth is expected to limit demand, but geopolitical tensions may provide price support.
The United States repelled an attack by the Iranian-backed Houthi armed group on a Maersk container ship in the Red Sea on Sunday. US helicopters sank three armed Houthi ships and killed 10 militants. , exacerbating the risk that the war between Israel and Hamas will evolve into a broader conflict.
A spokesman for Danish shipping company Maersk said it would decide on Tuesday whether to resume shipping via the Red Sea via the Suez Canal or reroute around Africa following one of its ships was attacked over the weekend.
Leon Li, an analyst at CMC Markets in Shanghai, said international oil prices may be affected by escalating conflicts, whether it is the Red Sea attacks last weekend or the peak demand period during the Lunar New Year in February this year.
Notably, a wider conflict might shut down key pipelines transporting oil. Ship tracking data shows that at least four oil tankers are transporting diesel and aviation fuel from the Middle East and India to Europe, bypassing Africa and avoiding the Red Sea.
On the other hand, data released by the Chinese government yesterday (1st) showed that following manufacturing activity shrank for the third consecutive month in December, investors’ expectations for new economic stimulus measures increased. Any such measures to stimulate economic growth might boost oil demand and support crude prices.
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