Oil prices rise nearly 3% on global supply shortage concerns

Economies.com
2022-07-01 13:30PM UTC

Oil prices rose 3% in European trade after hovering near two-week highs for the last couple of days, now heading for the first weekly profit in a month. 

 

Prices are also boosted by a drop in US crude stocks according the latest US official data, in a positive sign for demand in the US. 

 

Global Prices

 

US crude rose 3% to $108.92 a barrel, while Brent climbed 2.8% to $112.32 a barrel. 

 

US crude lost 3.3% on Thursday, while Brent shed 5.5%, the second loss in a row on active profit-taking off two-week highs. 

 

Prices were pressured as the Ecuadorian government reached a deal with the rioting  opposition to end two weeks of protests and resume oil production., 

 

Oil prices are up 0.75% so far this week on track for the first weekly profit in a month. 

 

Global Supplies 

 

Concerns about global supply shortages led to a surge in prices as several countries struggle to produce oil. 

 

Libyan Output

 

Libyan authorities said they might close some oil exporting ports amid overwhelming conditions that are preventing proper operations.

 

Macron

 

French President Emanuel Macron told his US counterpart Joe Biden that the communicated with UAE government and Saudi governments, and both are at their upper limits of production.

 

US administration has been trying to pressure UAE and Saudi Arabia to increase output to offset some of the Russian shortages.

 

OPEC +

 

The OPEC + organization agreed to maintain current production plans unchanged, with goals of hiking production by 648 thousand bpd in July and August. 

 

US Stocks 

 

Official US data showed US commercial stocks fell by 2.8 million barrels on Wednesday in the week ending June 24, the second decrease in a row, while analysts expected a 0.9 million barrels drop. 

 

Now total stocks are down to 415.5 million barrels, the lowest since the week ending May 17. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...