Crude prices are trading at high levels this evening, Monday, January 31, less than an hour before the opening of the American opening session for the week, as Brent crude rose in the last sessions of January by about 1%, trading at levels of $91 a barrel, while American crude (NYMEX) is trading at levels of $87.27 The barrel rose by about 0.52%, coinciding with the rise in geopolitical concerns in the world that support the rises of crude and the shortage of supplies, amid anticipation in the market for a meeting of OPEC and its independent producing allies from outside the organization led by Russia.
The OPEC + system, which will discuss production levels in the coming period, is expected to adhere to its current policy at Wednesday’s meeting, with a gradual increase in production by 400,000 barrels per day in next March.
The geopolitical tensions, in turn, between Russia and the West on the one hand, and between the United Arab Emirates and the Houthis on the other hand, are all factors that raise the markets’ fears of a possible disruption of supplies, especially in light of the winter storm that is sweeping the world to support the continuation of the rise in crude.
And both US crude (NYMEX) and Brent crude are heading to record monthly gains in January exceeding 16% and 17%, respectively.
05/11/2024
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