The oil prices They rose this Tuesday due to the high demand for fuel in the boreal summer, while supplies remain scarce due to the sanctions imposed on Russian crude after its invasion of Ukraine.
At 11:33 GMT, crude Brent rose 99 cents, or 0.88%, to $115.13 a barrel, while the contract for the West Texas Intermediate in the United States for July (WTI), which expires this Tuesday, improved 1.33 dollars, or 1.21%, to settle at 110.89 dollars.
The most active WTI contract for August was up $1.90 at $109.89.
Giovanni Staunovo, an analyst at UBS, said that despite concerns about the economic growththe latest data on flight activity and mobility on US highways continue to show strong demand for oil.
“We expect oil demand to continue to improve, benefiting from the reopening of China, summer travel in the northern hemisphere and warming weather in the Middle East. As supply growth will lag demand In the coming months, we continue to expect oil prices to rise,” he said.
Prices have been supported by supply anxiety following sanctions on crude shipments from Russia, the world’s second-largest exporter, and questions about how Russian output could fall due to sanctions on equipment needed to pumping.
“Supply concerns are unlikely to subside unless the issue is resolved.” war between russia and ukraineor unless we see a sharp increase in US or OPEC supply,” said Madhavi Mehta, an analyst at Kotak Securities.
erp