26 March 2024
Oil prices are rapidly increasing at the beginning of the week, driven by a number of factors: geopolitical conflict threats, prospects of production cuts from OPEC+ members, and the depreciation of the dollar.
As of today, Brent crude oil has reached a price of $86 per barrel!
OPEC+ reaffirms its position on limiting oil production and sees no need for changes, reports Bloomberg, citing several informed sources. On April 3, the alliance will hold an online meeting to assess the progress of the latest production agreements, which are set to run until the end of June.
According to commodities analyst Giovanni Staunovo from UBS Group AG, the rise in oil prices is attributed to positive data from China, including refinery activity levels and increased oil demand. According to Chinese authorities, crude oil processing volumes in January and February reached a historic high of 118.76 million tons, exceeding last year's figure by 3%.
Goldman Sachs analysts predict an increase in commodity prices this year, based on central bank rate cuts worldwide. This forecast is supported by other market participants such as Macquarie Group and Carlyle Group.
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