Oil Prices Hit Two-Week High on Red Sea Shipping Disruptions
Crude oil prices hit the highest in two weeks following BP’s announcement it will temporarily reroute its tankers away from the Red Sea amid intensifying attacks by the Yemeni Houthis on vessels in the area.
Brent Price Today
Brent crude rose 2.1% to $78.63 a barrel, the higehst since December 5, with a session-low at $75.75, after rising 0.3% on Friday, the third profit in a row following strong Chinese industrial production data.
Brent rallied 1.3% last week, the first weekly profit in two months away from recent six-month lows at $72.33, as the dollar lost ground.
Brent crude rose 2.1% to $78.63 a barrel, the higehst since December 5, with a session-low at $75.75, after rising 0.3% on Friday, the third profit in a row following strong Chinese industrial production data.
Brent rallied 1.3% last week, the first weekly profit in two months away from recent six-month lows at $72.33, as the dollar lost ground.
Red Sea Woes
Several major shipping companies decided to avoid passage through the Suez Canal temporarily, as Houthi militants continue to attack commercial ships in Red Sea.
As geopolitical tensions increase and aggressie maritime attacks on commercial ships in the Red Sea pick up pace, oil prices are expected to tick higher as well.
Russian Exports
Russia said on Sunday it'll deepen oil export cuts in December by nearly a million bpd or more, before the scheduled deadline.
Such a step is aimed to boosting wobbling prices as demand in major global economies slows down. $Imperial Petroleum (IMPP.US)$ $Occidental Petroleum (OXY.US)$ $Crude Oil Futures(SEP4) (CLmain.US)$
Several major shipping companies decided to avoid passage through the Suez Canal temporarily, as Houthi militants continue to attack commercial ships in Red Sea.
As geopolitical tensions increase and aggressie maritime attacks on commercial ships in the Red Sea pick up pace, oil prices are expected to tick higher as well.
Russian Exports
Russia said on Sunday it'll deepen oil export cuts in December by nearly a million bpd or more, before the scheduled deadline.
Such a step is aimed to boosting wobbling prices as demand in major global economies slows down. $Imperial Petroleum (IMPP.US)$ $Occidental Petroleum (OXY.US)$ $Crude Oil Futures(SEP4) (CLmain.US)$
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