Middle East

Oil prices have risen to their highest since 2014

January 18, 2022

Credits: Destina / Adob ​​eStock

standard oil Prices have risen to their highest since 2014 on Tuesday as possible supply disruptions after the Middle East Gulf attack has already been added to the tight supply outlook.

Brent crude oil futures rose $ 0.74 (0.9%) at 1446 GMT to $ 87.22 a barrel. Crude oil futures at West Texas Intermediate (WTI) rose $ 1.07 (1.3%) to $ 84.89. Trade on Monday was curtailed due to US holidays.

Both benchmarks reached their highest levels since Tuesday, October 2014.

Supply concerns have risen this week after the Houthis group in Yemen attacked the United Arab Emirates and escalated hostility between groups allied with Iran and a Saudi-led coalition.

After launching a drone and missile attack that caused a fuel truck explosion and killed three people, the Houthi movement warned that it could target more facilities, and the UAE said, “Responding to these terrorist attacks. He said he reserved the right to “do”.

United Arab Emirates oil ADNOC said it has activated a business continuity plan to ensure uninterrupted supply of products to domestic and international customers after the accident at the Musafa fuel depot.

Also, in addition to the geopolitical price premium, tensions between Ukraine and OPEC + member Russia are increasing.

In addition, some producers within the Organization of Petroleum Exporting Countries (OPEC) are struggling to add 400,000 barrels each month with their permitted capacity, based on agreements with Russia and its allies.

OPEC releases January oil Market report at 1230 GMT.

“The consensus is that the situation will not improve in the foreseeable future, oil Demand growth and supply constraints inevitably lead to tightening oil Balance. “

Goldman Sachs analysts oil Inventories in OECD countries have fallen to their lowest since 2000 by summer, Brent oil Prices will rise to $ 100 later this year.

(Additional report by Sonali Paul of Melbourne and Rossan Khasawneh of Singapore, edited by Susan Fenton and David Goodman)

https://www.oedigital.com/news/493589-oil-prices-climb-to-highest-since-2014 Oil prices have risen to their highest since 2014

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