Oil Close to a 4-Month High.
London, 28 February 2024
Wednesday saw WTI crude futures hold above $79 a barrel, remaining near their peak in almost four months as a result of the EIA's weekly report and OPEC's decision to continue production restrictions.
Investors are looking forward to the March meeting of OPEC+, which is expected to include discussions about extending output cuts. In an effort to keep the market stable, producers are probably going to adhere to voluntary production limitations through at least the June Ministerial Meeting.
A slowdown in refinery operations last week caused US oil stockpiles to rise by 4.199 million barrels, more than anticipated, according to the most recent EIA report.
A risk premium was also added to oil prices by the unpredictability surrounding the Israel-Hamas ceasefire and the ongoing Houthi attacks on ships in the Red Sea. Source: Trading Economics