The price of West Texas Intermediate (WTI) crude oil has surpassed $80.00 per barrel, driven by reduced U.S. inventories and geopolitical tensions, indicating a volatile market.
Significant sanctions on Russian oil have exacerbated global supply concerns, pushing prices higher as market players react to changing international dynamics and expected future demand growth.
OPEC's forecasts of increased global crude oil demand, expecting 1.43 million barrels per day growth by 2026, suggest that the current upward price trend may persist.
The temporary relief from a ceasefire between Israel and Hamas in the oil market has not reversed the overall upward trend in crude oil prices, influenced by sanctions.
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