Contact Us


About Us


This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

Oil Prices Rise in Asian Trading as Hopes for Middle East De-escalation Diminish

News - Middle East: Oil prices saw a rise in early Asian market trading as expectations for reduced tensions in the Middle East, particularly in the Red Sea region, waned.

Brent crude futures experienced a 40-cent increase, reaching $90.78 per barrel, whereas West Texas Intermediate (WTI) crude went up by 35 cents to $86.78 per barrel.

Brent crude marked its first decline in five sessions on Monday, and WTI saw its first drop in seven sessions, following renewed optimism about potential progress in Israel-Hamas ceasefire talks in Cairo.

"Without an end to the conflict, there is an elevated risk that other countries, particularly Iran, OPEC's third-largest producer, could be drawn into the war," said Fiona Cincotta, senior financial market analyst at City Index.

The commander of the Revolutionary Guard's navy in Iran said it could close  the Strait of Hormuz if deemed necessary. About a fifth of the volume of the world's total oil consumption passes through the strait daily.

Turkey announced it would restrict exports  of various products, including jet fuel, to Israel until there is a ceasefire. Israel said it would respond with its own curbs.

Adding to concerns of a tight market, Mexico's state oil company, Pemex, said it would reduce crude exports  by 330,000 barrels per day (bpd) in May so it can supply more to domestic refineries, cutting by a third the supply available to its U.S., European and Asian buyers. Pemex had already cut its April exports by 436,000 bpd.

Limiting oil price declines, overall fundamentals of tighter supplies remain unchanged, said Dennis Kissler, senior vice president of trading at BOK Financial, citing OPEC's supply cuts, reduction of fuel exports by Russia and geopolitical instability.

US crude oil output was expected to rise by 280,000 bpd to 13.21 million bpd in 2024, versus a prior forecast for a 260,000 bpd increase, the U.S. Energy Information Administration (EIA) said.

EIA said it expects Brent crude prices to average $88.55 a barrel in 2024, versus a previous forecast of $87 a barrel.
Vitol CEO Russell Hardy told  a conference in Switzerland that he expected oil prices to trade in a range on $80-100 a barrel and expected oil demand growth of 1.9 million bpd in 2024.
U.S. crude oil inventories climbed last week by 3.034 million barrels, according to market sources citing American Petroleum Institute figures.

Analysts had estimated that stocks would rise by about 2.4 million barrels. Official U.S. government inventory data is due on Wednesday morning.

#Oil #Middle East About 3 months
who are we

This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

copyright by Almasirah 2024 ©

Close gallery