Crude prices are recording strong rises with the opening of the European markets for today’s session, Tuesday, January 18th, to trade at their highest levels since 2014, as Brent crude is trading at levels of 87.92 dollars a barrel, up by 1.67%, while US crude (NYMEX) is rising by about 2.10% and trading at 85.58 dollars.
The barrel is at its highest level since October 2014, supported by geopolitical tensions in the Middle East.
The attack of the Yemeni Houthi group on the United Arab Emirates yesterday, Monday, in the opening session of the week, and the escalation of hostilities in the region, raised the markets’ concerns about a possible disruption of supplies coming from the region, and thus formed support for the rise in crude prices to the highest levels in eight years.
Analysts’ expectations that the current winter will be colder, in turn, supported the high demand for heating fuel, and thus also supported the rise in crude prices.
05/11/2024
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