Oil gains over $1 on possible shipping disruptions By Reuters
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Published Feb 25, 2024 08:49PM ET
Updated Feb 26, 2024 12:41PM ET
© Reuters. FILE PHOTO: Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area near Long Beach, California July 30, 2013. REUTERS/David McNew/File Photo
HOUSTON (Reuters) -Oil prices gained more than $1 by midday on Monday on expectations of higher demand and the risk of disruptions to shipping, analysts said.
Brent crude futures were up $1.06, or 1.3%, to $82.68 a barrel at 11:24 a.m. CST (1724 GMT). U.S. West Texas Intermediate crude futures (WTI) climbed $1.07, or 1.4%, to $77.56.
Iran-aligned Houthi rebels in Yemen narrowly missed hitting a U.S.-flagged tanker on Saturday, the U.S. Central Command said. Another vessel hit by the rebels last week was abandoned and has been seen leaking fuel in the Red Sea.
“We seem to be slipping back to the supply side issue,” said Phil Flynn, analyst at Price Futures Group. “Demand is very strong and at the end of the day, it’s about supply and demand.”
Refiners are also expected to begin restoring production in March following the completion of planned plant overhauls at U.S. refineries, Flynn said.
U.S. refinery utilization has been at 80.6% of national capacity for the past two weeks, the U.S. Energy Information Administration said last week.
Oil prices have been trading between $70 and $90 a barrel since November as rising U.S. supply and concern over weak Chinese demand offset OPEC+ supply cuts despite wars raging in Ukraine and Gaza.
As the Israel-Hamas conflict continues in the Middle East, White House national security adviser Jake Sullivan told CNN on Sunday that negotiators for the United States, Egypt, Qatar and Israel had agreed on the basic contours of a hostage deal during talks in Paris but were still in negotiations.
Oil gains over $1 on possible shipping disruptions
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