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$XTIUSD Crude oil prices have shown a significant upward trend in recent days. WTI is trading at $86.39, while Brent oil is finding buyers at $92.14. Both types of oil have gained between 2.3% and 2.8%.
So what's behind this rise? Let's look at developments in the last 24 hours and the past week.
Events in the Last 24 Hours
Production Cuts: Cyberattacks targeting energy infrastructure in the Gulf of Mexico by the US and increased hurricane activity in the region triggered supply concerns.
Surprise Demand from Japan: The Bank of Japan's announcement of a currency swap agreement for energy imports positively impacted expectations regarding oil demand in Asian markets.
Restocking Movements: Signals that the US Department of Energy may purchase to replenish strategic oil reserves supported prices.
Key Developments of the Last Week
OPEC+ Meeting: The OPEC+ group held a technical meeting this week to assess market conditions. The signals from the meeting indicated that current production cuts will continue.
Inventory Data: Data from the US Energy Information Administration showed that crude oil inventories decreased more than market expectations last week. The decline in inventories reinforced the perception of strong demand.
Production Challenges in Libya: Technical problems at production facilities in Libya caused a supply loss of approximately 300,000 barrels per day. This further narrowed the already limited global supply surplus.
Near-Term Watch Out For
US Data: Weekly jobless claims and growth data will provide clues about the trajectory of oil demand.
Chinese Purchases: China's new economic stimulus package may increase energy imports. This could support prices upwards.
Japanese Decisions: The Bank of Japan's monetary policy decisions will affect oil pricing in yen.
The oil market continues its upward trend with supply-side cuts and optimistic expectations regarding demand. In the coming days, OPEC+ signals and US inventory data will be decisive in determining the direction of prices.
The information shared here is not investment advice. Do your own research.