Analysis Commodities
Price of crude oil rises amid situation Middle East
The oil reserves in America are increasing again after several weeks. The situation in the Middle East has had a price-increasing influence on the oil market sentiment in recent days. Problems in Libya are also driving up the price of crude oil.
The benchmark of Brent oil dropped relatively significantly from the beginning of this month. At the beginning of this week, Monday, August 5, the lowest point was $76.30 per barrel, which is the level from the beginning of this year. In recent days, the price corrected sharply upwards to a value of $78.08 per barrel on Wednesday.
The recent increase seems to be partly due to the newly appointed leader of Hamas, Yahya Sinwar. It is still unclear how Israel will react to this and whether it could endanger the supply of oil. Concerns are also growing about Iran, as tensions with Israel have significantly escalated. This brings uncertainty, which may have caused the recent price hike. Concerns about Libya also pushed up the oil price. Libya's largest oil field announced reduced production due to protests and security issues.
Incidentally, America's oil storage increased for the first time in weeks by 0.18 million barrels. This was announced by the American Petroleum Institute (API). However, this is lower than the expected 0.85 million barrels. This implies greater demand and has a boosting effect on crude oil prices.
