Oil prices are rising on global markets: the main reasons
30 April 10:12
Oil prices continue to rise sharply on the morning of Thursday, April 30, following a sharp increase the previous day, reports "Komersant Ukrainian", citing Interfax-Ukraine.
“June Brent futures on the London ICE Futures exchange, as of 8:02 a.m., are trading at $123.86 per barrel, up $5.83 (4.94%) from the previous session’s close. On Wednesday, they rose by $6.77 (6.1%) to $118.03 per barrel,” the report states.
The June Brent contracts expire at the close of trading on Thursday. The more actively traded July futures are up $2.94 (2.63%) to $113.35 per barrel.
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June WTI contracts on the New York Mercantile Exchange (NYMEX) have risen in price so far by $2.5 (2.34%) to $109.38 per barrel. At the close of the previous session, their price had increased by $6.95 (7%) to $106.88 per barrel.
“The situation in the Middle East remains the main factor influencing the dynamics of the oil market. Efforts to resolve the U.S.-Iran conflict have reached an impasse,” the agency continues.
U.S. President Donald Trump stated yesterday that he had rejected Iran’s proposal to open the Strait of Hormuz and intends to maintain the naval blockade until an agreement is reached with Tehran regarding the country’s nuclear program.
The White House chief’s statements have reinforced fears that restrictions on oil supplies from the Persian Gulf will remain in place for a long time to come.
“The prospects for a quick resolution of the Iranian conflict or the reopening of the Strait of Hormuz remain unclear,” noted IG analyst Tony Sycamore.
The next OPEC meeting will take place this coming weekend.
U.S. oil inventories fell sharply last week—by 6.23 million barrels—according to the country’s weekly report from the Department of Energy, released on Wednesday.
Reserves at the Cushing terminal, where oil traded on the New York Mercantile Exchange (NYMEX) is stored, fell by 796,000 barrels in the week ending April 24, the U.S. Department of Energy reported.
Commercial gasoline inventories fell by 6.08 million barrels, and distillate inventories by 4.49 million barrels.
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