On Wednesday, Brent, the benchmark crude in Europe, has approached $90 per barrel, a level not seen since October 2023, driven by geopolitical tension
On Wednesday, Brent, the benchmark crude in Europe, has approached $90 per barrel, a level not seen since October 2023, driven by geopolitical tensions, production cuts by OPEC+ member countries, and the strength of major economies.
Despite crude inventories increasing in the US, the price of Brent touched $89.9 per barrel shortly after 4 p.m., although it later retreated to $89.7, representing a 0.9% increase.
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At the close of European markets, West Texas Intermediate (WTI), a US benchmark, advanced by 0.8% and hovered around $85.9 per barrel.
The rise in crude prices is attributed to geopolitical tensions, the strong performance of the economy, low inventories, and production cuts implemented by OPEC+, the organization composed of OPEC members and other oil-producing powers such as Russia.
According to their calculations, the increase in demand has contributed to pushing global oil markets into a deficit of around 450,000 barrels per day in the second and third quarters of this year.
Despite this situation, OPEC+ has decided on Wednesday to keep its crude supply unchanged, although it has emphasized its willingness to intervene in the market if necessary.
OPEC+, led by Saudi Arabia and Russia, has urged member countries to adhere to agreed production cuts.
Russian Deputy Prime Minister Alexander Novak said on Wednesday that his country is preparing to reduce oil pumping to 9 million barrels in June as part of the production cut agreement within OPEC+.
US crude inventories, excluding strategic reserves, increased by 3.2 million barrels last week, according to data released today by the Energy Information Administration (EIA).
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