Fri, March 01, 2024

Oil Prices on International Markets Rose to 77 Dollars

gas

Oil prices rose to $77 on international markets on Friday, boosted by estimates that the White House and Congress will agree to raise the US debt ceiling and remove the threat of payment problems.

On the London market, the price of a barrel was 1.15 dollars higher around noon than at the close of trading on Thursday and amounted to 77.01 dollars.

On the American market, a barrel with delivery dates in July traded at a higher price of $1.16 from $73.1. Less active contracts for delivery in June, which will expire on Monday, rose 1.09 care to 72.95 dollars.

Markets are closely following the negotiations between US President Joe Biden and the Speaker of the House of Representatives, Republican Kevin McCarthy, on raising the national debt limit, which currently stands at $31.4 trillion.

Prices are also supported by expectations that demand in China will increase by the end of the year, which should compensate for the slowdown in members of the Organization for Economic Development and Cooperation (OECD).

In April, processing in Chinese refineries increased by 18.9 percent compared to the same month last year, data published at the beginning of the week showed, to “cover” recovered demand and create stocks ahead of the summer travel season.

However, inflation data overshadowed the good mood on the market, and it could prompt central banks in numerous countries to continue raising interest rates.

Insufficient Cooling of Inflation

Thus, two officials of the US central bank stated that judging by the data, inflation is not cooling fast enough to allow for a pause in the cycle of raising interest rates.

The possibility of an additional increase in interest rates in the US is fueling fears of weaker demand, analysts at the National Australia Bank explain.

The Organization of the Petroleum Exporting Countries (OPEC) announced that on Thursday, the price of a barrel of the oil basket of its members increased by 1.46 dollars to 76.06 dollars.

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