Analysis of events
According to the recent events in the Red Sea and the attack by the Yemeni Houthis on ships carrying various materials,
oil is breaking its 200-day average curve ($83),
if the price stabilizes above the 200-day average curve,
expect the price to surge to the range of $87 and then $93 to $95.
We monitor its progress.
oil news amin plast
Oil prices….
Oil prices rose for a second week in a row and hit a two-month high on Friday as positive U.S.
economic growth and signs of Chinese stimulus boosted demand expectations,
while supply concerns stemmed from tensions in the Middle East.
supported prices.
Brent crude futures rose $1.12 to $83.55 a barrel, the highest since Nov. 30.
Both oil benchmarks rose more than 6 percent for the week,
their biggest weekly gain since Oct. 13,
when the Israeli-Hamas conflict in Gaza began.
Chinese economic….
Chinese economic drivers,
stronger-than-expected fourth-quarter US GDP growth, lower US inflation data,
continued geopolitical risks, and a bigger-than-expected 9.2 million-barrel draw in US crude inventories last week all combined.
A Houthi military spokesman said naval forces carried out an operation targeting an Crude tanker in the Gulf of Aden, causing a fire, and raising fears of supply disruption.
Crude was also boosted earlier this week by a bigger-than-expected drop in US crude inventories.
Declining inventories, particularly around the WTI delivery point in Cushing, Oklahoma, and across the Midwest, could put pressure on near-term futures prices.
Supply concerns are evident in the structure of Brent futures.
The premium for the first-to-sixth month Brent and WTI contracts hit their highest level since November,
indicating a perception of tighter supply.
A potential fuel supply disruption after a Ukrainian drone attack on an export crude refinery in southern Russia also supported prices.
On the demand side, the United States,
the world’s biggest Crude consumer, posted faster-than-expected economic growth in the fourth quarter, data showed on Thursday.
The trend was also strengthened by China’s latest measures to boost growth this week
However, traders are betting that the US central bank is more likely to start its rate-cutting cycle in May rather than March, weighing on oil futures.
