Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent crude oil rose to $78.30 per barrel


January, 18 2024
watermark Economic news

Benchmark oil prices are going up on Thursday due to continued geopolitical tensions in the Red Sea region. 


It is important to note that prices are also affected by a strong cold snap in some regions of the United States, which led to a reduction in oil production by 650-700 thousand barrels per day in North Dakota, one of the leading oil producing states in the country.


According to the OPEC monthly report published on Wednesday, global oil demand is expected to increase by 2.2 million b/d in 2024, reaching 104.36 million b/d, and next year it is expected to increase by 1.8 million b/d, to 106.21 million b/d. In 2023, oil consumption has already increased by 2.5 million b/d and amounted to 102.11 million b/d.


At the moment, the quotations of March futures for Brent crude oil on the London ICE Futures exchange are at $78.31 per barrel. Prices for WTI crude oil futures increased to $73.05 per barrel in February.


It should be noted that the United States continues to strike targets used by the Houthis in Yemen to attack international shipping lanes. The forces of the US Central Command attacked 14 missile launchers that posed a threat to merchant ships and ships of the US Navy in the Red Sea region, the Bab el-Mandeb Strait and the Gulf of Aden.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.