empty
07.02.2023 11:46 PM
Oil price rises after earthquakes in Turkey and Syria

This image is no longer relevant

Oil prices rise on Tuesday, recouping part of Friday's losses. This is largely due to the aftermath of the devastating earthquakes in Turkey and Syria.

Brent crude for April delivery added 1.69% at $82.47 a barrel on the London ICE Futures Exchange at 12:19 London time.

The price of WTI futures for March crude oil on the electronic trading at the New York Mercantile Exchange rose by 1.79% to $75.44 a barrel by that time.

The West Texas Intermediate (WTI) for March delivery rose by 1.79% to $75.44 a barrel on the New York Mercantile Exchange.

The devastating earthquake in Turkey and Syria on Monday led to halted operations at Turkey's major oil export hub in Ceyhan, while operations at Syria's largest oil refinery in the city of Baniyas have also been suspended.

At the same time, the prospect of an economic rebound in China after COVID-19 curbs eased has buoyed the oil market so far. China is one of the largest consumers and importers of oil, so the strengthening of its economy will also increase the global demand for oil products.

Saudi Arabia's decision to raise prices for most grades of its crude oil for Asian customers confirms the fact that demand in China is increasing. State-run Saudi Aramco announced that the official selling price (OSP) of Arab Light, the main type of oil supplied to Asia, has been raised by $0.2 per barrel. As a result, starting from March, this oil grade will cost Asian countries $2 per barrel more expensive than oil from Oman and Dubai.

Apparently, the demand for oil in China will be somewhat higher than analysts expected. Phil Flynn, chief analyst at The Price Futures Group, notes that this fact should provide substantial support for the oil market, given investors' concerns about the amount of spare production capacity in the world.

Prior to that, Jeff Currie, chief commodity markets analyst at Goldman Sachs, said that capacity is likely to become a problem later this year when demand outstrips supply.

As for Russian exports, Russia's offshore oil exports declined by 140,000 bpd last week. In absolute terms, supplies amounted to 3.4 million barrels, while the monthly average rose to almost 3.5 million.

Supplies are increasing due to the diversion of pipeline supplies from the northern branch of the Druzhba pipeline and the reduction of oil refining due to the new EU sanctions.

Oil exports to Turkey, the only country in the Mediterranean that buys Russian crude, are also gradually increasing. Average deliveries for the 4th week are about 160 thousand barrels per day. Bulgaria receives another 125,000 by the Black Sea. The rest goes to Asia, mostly to India and China.

Andreeva Natalya,
Especialista em análise na InstaForex
© 2007-2025
Selecionar intervalo de tempo
5
min
15
min
30
min
1
hora
4
horas
1
dia
1
s.
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO

Recommended Stories

Resumo de notícias do mercado dos EUA para 21 de março

Na quinta-feira, os principais índices acionários dos EUA fecharam em queda: o Dow Jones recuou 0,1%, o NASDAQ caiu 0,3% e o S&P 500 perdeu 0,2%, encerrando

Natalia Andreeva 17:23 2025-03-21 UTC+2

Nasdaq e S&P 500 caem: Começa uma correção ou um pânico temporário?

Pedidos semanais de subsídio de desemprego aumentam para 223.000 Accenture cai após relatório de cancelamento de contratos com o Fed PBOC, BoE, Riksbank mantêm as taxas, Suíça reduz Darden Restaurants

Thomas Frank 17:15 2025-03-21 UTC+2

Ações do Fed para evitar a queda do BTC? BTC busca estabilidade

Alguns analistas acreditam que a atual política monetária do Federal Reserve — especialmente a decisão de manter as taxas de juros inalteradas e desacelerar o aperto quantitativo (QT) — pode

Larisa Kolesnikova 16:54 2025-03-21 UTC+2

Resumo de notícias do mercado dos EUA para 20 de março

Ainda que S&P 500 demonstre otimismo, seu crescimento desde 14 de março tem sido visto mais como uma correção. A probabilidade de um movimento em direção à faixa-alvo de 5.881–5.910

Ekaterina Kiseleva 15:58 2025-03-20 UTC+2

Ouro em alta: A onça ultrapassa os US$ 3.057, os índices também sobem

O Fed deixa as taxas inalteradas, como esperado Banco Central reduzirá o prazo de validade dos saldos Powell sinaliza que é difícil determinar o impacto das tarifas Ouro atinge recorde

Thomas Frank 14:33 2025-03-20 UTC+2

Mercados em pânico: Nasdaq despenca 1,71%, ouro atinge recordes de alta

Nvidia cai com o início da conferência anual de desenvolvedores de software Tesla cai após RBC reduzir preço-alvo Ouro atinge a maior alta de todos os tempos, de US$ 3.038,90

Thomas Frank 17:00 2025-03-19 UTC+2

Mercados em pânico: Nasdaq despenca 1,71%, enquanto o ouro atinge recordes de alta

A Nvidia caiu. A Tesla caiu. O ouro subiu para um recorde histórico de US$ 3.038,90 por onça.A Alphabet caiu após a aquisição de US$ 32 bilhões da empresa

16:49 2025-03-19 UTC+2

Resumo de notícias do mercado dos EUA para 19 de março

A Nvidia, que deveria estar comemorando o início de sua conferência anual para desenvolvedores, viu suas ações recuarem. A Tesla, ainda lidando com as recentes polêmicas envolvendo Elon Musk

Natalia Andreeva 13:56 2025-03-19 UTC+2

EUR/USD faz uma pausa com a piora das previsões do S&P 500 - Como encontrar o equilíbrio?

O mercado global enfrenta dificuldades para encontrar equilíbrio nos principais pares de moedas e ativos de ações. Esse cenário se torna ainda mais desafiador diante da recente queda do euro

Larisa Kolesnikova 17:04 2025-03-18 UTC+2

Resumo de notícias do mercado dos EUA para 18 de março

Os dados de fevereiro mostraram um aumento de 0,2% nas vendas no varejo dos EUA, indicando uma atividade robusta do consumidor. No entanto, a atividade industrial de Nova York caiu

Ekaterina Kiseleva 16:33 2025-03-18 UTC+2
Não pode falar agora?
Faça sua pergunta no chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.