WTI oil prices closed Wednesday (20 Dec.) up. It is driven by concerns that the supply of oil in the world market will be disrupted. Amid tensions in the Middle East after the Houthi rebellion
WTI oil prices closed Wednesday (20 Dec.) up. It is driven by concerns that the supply of oil in the world market will be disrupted. Amid tensions in the Middle East after the Houthi rebellion
West Texas Crude Oil Contract (WTI) for delivery in February. which was traded on the Nymex exchange, rose 78 cents to close at $74.22 a barrel. Brent sea side, North London Delivered in February. rose 47 cents to close at $79.70/barrel.
The US Energy Information Administration (EIA) said US crude oil stocks rose 2.9 million barrels last week. while analysts expected a decrease of 2.2 million barrels.
However, Goldman Sachs predicts that The Houthi attack will not have much of an impact on crude oil and liquefied natural gas (LNG) prices, as rerouting cargo ships will prevent them from being directly affected by the attack.
Moreover, experts also stated that The Houthi attacks have had little impact on oil supplies. This is because most crude oil exports from the Middle East are transported through the Strait of Hormuz. It is located between the Persian Gulf and the Gulf of Oman.
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Meanwhile, investors responded to news that Russia announced a reduction in oil exports by 50,000 barrels/day in December. This is faster than previously promised. The goal is to support oil prices in the world market.
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2023-12-20 22:28:00
