Brent crude oil prices have increased by almost 25% over the last three months. If we only looked at the last three weeks, the increase would be 11%. As Bloomberg notes, the recent increases were accompanied by a jump in purchases of key futures contracts, suggesting that the market is undersupplied with oil.
Analysts note that oil prices are rising primarily due to… due to OPEC+ limiting productionimproving demand prospects and the possibility of avoiding a recession in the US at a time when raw material stocks are falling.
“We have long explained that the oil market will become increasingly tight in the second half of 2023,” says Arne Lohmann, head of research at A/S Global Risk Management. — It’s only a matter of time before we see oil testing $100. per barrel – added.
Bloomberg also warns about possible problems with the availability of certain types of fuel. “On the physical market, refined products such as diesel oil are increasingly sending out warning signals. Global refineries are proving unable to produce enough fuel for industrial needs, and its prices have significantly exceeded the prices of crude oil itself,” the agency notes.