Oil Prices Rise Amid Tensions
OIL & GAS

Oil Prices Rise Amid Tensions

Oil prices increased on Thursday due to heightened geopolitical tensions between Russia and Ukraine, despite a significant rise in U.S. crude inventories. Key movements:

Brent crude rose 96 cents (1.3%) to $73.77. WTI crude increased 99 cents (1.4%) to $69.74. Earlier, prices had gained more than $1 in intraday trading.

Geopolitical Tensions Key developments driving oil prices:

Ukraine’s Missile Strikes: Deployment of British and U.S. cruise missiles against Russia. Russia’s Retaliation: Launching an intercontinental ballistic missile at Ukraine, marking its first use in the conflict. The ongoing conflict reached its 1,000th day this week, with risks of targeting Russian energy infrastructure raising concerns. Analysts suggest uncertainty in Moscow’s response as a significant factor impacting the market.

OPEC+ Outlook Discussion within OPEC+ (responsible for nearly 50% of global oil production) indicates potential delays in planned output increases:

Initial plans to reverse production cuts between late 2024 and 2025 may be deferred. The IEA projects global supply will exceed demand in 2025, even with current OPEC+ cuts. Inventory Data Despite geopolitical tensions, U.S. inventory data weighed on markets:

Crude inventories rose by 545,000 barrels to 430.3 million barrels, surpassing expectations. Gasoline stocks increased more than forecast. Distillate stockpiles declined beyond anticipated levels. Conclusion Escalating conflict and potential supply disruptions overshadowed bearish inventory data and weak demand outlooks. Ongoing Ukraine-Russia tensions remain a critical driver of volatility in global oil markets.

Oil prices increased on Thursday due to heightened geopolitical tensions between Russia and Ukraine, despite a significant rise in U.S. crude inventories. Key movements: Brent crude rose 96 cents (1.3%) to $73.77. WTI crude increased 99 cents (1.4%) to $69.74. Earlier, prices had gained more than $1 in intraday trading. Geopolitical Tensions Key developments driving oil prices: Ukraine’s Missile Strikes: Deployment of British and U.S. cruise missiles against Russia. Russia’s Retaliation: Launching an intercontinental ballistic missile at Ukraine, marking its first use in the conflict. The ongoing conflict reached its 1,000th day this week, with risks of targeting Russian energy infrastructure raising concerns. Analysts suggest uncertainty in Moscow’s response as a significant factor impacting the market. OPEC+ Outlook Discussion within OPEC+ (responsible for nearly 50% of global oil production) indicates potential delays in planned output increases: Initial plans to reverse production cuts between late 2024 and 2025 may be deferred. The IEA projects global supply will exceed demand in 2025, even with current OPEC+ cuts. Inventory Data Despite geopolitical tensions, U.S. inventory data weighed on markets: Crude inventories rose by 545,000 barrels to 430.3 million barrels, surpassing expectations. Gasoline stocks increased more than forecast. Distillate stockpiles declined beyond anticipated levels. Conclusion Escalating conflict and potential supply disruptions overshadowed bearish inventory data and weak demand outlooks. Ongoing Ukraine-Russia tensions remain a critical driver of volatility in global oil markets.

Next Story
Infrastructure Transport

Titagarh Rail Systems Launches Third Diving Support Craft for Indian Navy

Titagarh Rail Systems (TRSL) marked another milestone in its shipbuilding journey with the launch of the third indigenously built Diving Support Craft (DSC) for the Indian Navy. The vessel is part of a series of five DSCs being constructed by TRSL under the Ministry of Defence’s Make in India initiative.The launch ceremony was graced by Kangana Berry, wife of Vice Admiral Suraj Berry, AVSM, NM, VSM, Commander-in-Chief, who performed the traditional naming and launch. The vessel was side-launched into the Hooghly River at 16:10 hrs.Diving Support Crafts are catamaran-type vessels designed wit..

Next Story
Infrastructure Transport

Concord Control Systems Secures First Kavach 4.0 Order via Progota India

Concord Control Systems (CNCRD), a leading manufacturer of embedded electronic systems and critical electronic solutions, has secured its first order for Kavach 4.0 through associate company Progota India. Valued at Rs 190.45 million, the order represents the start of large-scale implementation opportunities for advanced railway safety systems in India.With this milestone, Concord will become one of the few railway companies to have a fully developed Kavach system approved for supply to Indian Railways. The next-generation Kavach has successfully advanced through the stringent approval journey..

Next Story
Infrastructure Urban

Awfis Delivers 67,000 sq ft Innovation Hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the country’s first publicly listed workspace solutions platform, has added eBay to its growing list of prestigious global capability centre (GCC) clients. Awfis has designed, built, and will manage a ~67,000 sq ft innovation hub for eBay at Embassy Tech Village, Bengaluru, supporting the e-commerce leader’s AI-first commerce strategy.The new centre will function as a strategic hub, advancing artificial intelligence, engineering, product development, and applied research, while further strengthening eBay’s growth in..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?