Oil prices rose by up to a dollar due to the prospect of an increase in energy demand, while expectations for a signal from the chairman of ...
Oil prices rose by up to a dollar due to the prospect of an increase in energy demand, while expectations for a signal from the chairman of the US Federal Reserve on the outlook for rate hikes showed the possibility of further price increases. was not done.
According to the news agency "Reuters", the price of Brent crude futures increased by 87 cents or 0.9%, after which its price reached 100.21 dollars per barrel.
U.S. West Texas Intermediate (WTI) crude futures also added 88 cents, or 0.9, to settle at $93.40 a barrel.
Also Read: Oil Prices Fall On Economic Slowdown, Dollar Stability Concerns
Prices rose as much as a dollar in early trading after falling nearly $2 the previous day.
Despite rising inflation in the US and uncertainty about how to control the rate of increase, this week saw a reduction in fears of a decline in oil demand.
Benchmark oil prices have risen by around 3 percent this week.
Analysts at ANZ Research said that ahead of Chairman Jerome Powell's speech on Friday, statements by some US central bank officials had cast a cloud of uncertainty over the economic situation.
ANZ Research analysts said in their note that there are clear signs of an increase in demand.
Read more: Is oil prices likely to fall in the near future?
TomTom's latest Congestion Index data for the week ending August 24 shows growth in Asia Pacific, Europe and North America, he said.
The prospect of Iran getting oil to the Organization of the Petroleum Exporting Countries (OPEC) also supported prices.
Sources told Reuters that a potential OPEC production cut proposed by Saudi Arabia this week comes at a time when Iran is likely to return to the global oil market if it agrees to a nuclear deal with the West. Does it.
Analysts at CMC Markets say crude oil markets may remain stable, as suppliers have signaled they will cut production if oil prices fall.
Also Read: Inflation rate remains high despite drop in oil prices in the global market
Tehran is assessing Washington's response to the EU's final draft of the nuclear deal, with the EU expected to respond soon.
However, it is not yet clear how long it will take for Iranian oil exports to resume if a nuclear deal is reached between Iran and the US.
If the sanctions on Iran are lifted, it may take about a year and a half for Iran to reach its full capacity of 4 million barrels from its current production of 1.4 million barrels.
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