Crude oil futures are rising, with supply concerns intensifying due to geopolitical tensions.

11:23 AM GMT+9 on November 21, 2024.

Crude oil futures prices rose during Asian trading on the 21st due to increasing geopolitical tensions amid escalating Russia-Ukraine conflict, leading to buying due to supply concerns.
North Sea Brent futures for January rose $0.28 (0.4%) to $73.09. US WTI futures for January rose $0.28 (0.4%) to $69.03.
On the 20th, Ukraine launched British-made long-range missile 'Storm Shadow' towards Russian territory for the first time. Following the US-made long-range ground-to-ground missile 'ATACMS' the previous day, Western countries provided Ukraine with long-range missiles for the second consecutive day to attack Russia.

In the weekly inventory statistics released by the US Energy Information Administration (EIA), crude oil inventories increased by 545,000 barrels compared to the previous week, a significant build-up compared to the market's expected 138,000 barrels. Gasoline inventories also increased significantly more than expected.
On December 1, at a ministerial meeting of OPEC and non-OPEC oil-producing countries, known as 'OPEC Plus,' there is a possibility to further postpone the reduction in voluntary production cuts by donor countries. This is due to the weak global demand for petroleum, as revealed by three informed sources.