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Oil hits over 7-year high on political risks, supply crunch

By Swati Verma BENGALURU (Reuters) - Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight...
Oil hits over 7-year high on political risks, supply crunch © Reuters. FILE PHOTO: Towers and smokestacks are silhouetted at an oil refinery in Melbourne June 21, 2010. REUTERS/Mick Tsikas/File Photo

By Swati Verma

BENGALURU (Reuters) - Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply.

The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October.

Brent futures rose $1.25, or 1.4%, to $90.59 a barrel by 11:09 am ET (1609 GMT), having hit their highest level since October 2014 at $91.70.

U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.2%, to $87.66 a barrel after hitting an over seven-year high of $88.84.

Supply scarcity has pushed the six-month market structure for Brent into steep backwardation of $6.92 a barrel, the widest since 2013. This means that current levels are higher than those in later months, which usually encourages traders to release oil from storage to sell it promptly.

Major producers in the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have struggled to raise their production levels. The market has also reacted to attacks on United Arab Emirates by Yemen's Houthi group.

Prices continue to receive support from concerns over a possible military conflict in Ukraine that could disrupt energy markets, though the concerns are generally more concentrated around natural gas supply to Europe.

U.S. President Joe Biden and his European Union counterpart Ursula von der Leyen on Friday pledged to cooperate on energy security and Ukraine over Russia invasion threats.

"So far there has been no supply disruptions in Eastern Europe, so guess the risk premium related to those tensions is not so high, but some investors still prefer to hold their exposure," UBS analyst Giovanni Staunovo said.

The market is also focused on the Feb. 2 meeting of OPEC+. The producer group is likely to stick with a planned rise in its oil output target for March, several OPEC+ sources told Reuters.

"This is because some key producers in the OPEC+ group, including Russia, continue to struggle to meet their output quotas," said Marshall Steeves, energy markets analyst at IHS Markit.

U.S. production has struggled its way higher even as the rig count has been rising, Steeves said, adding that we could see higher output this year. [RIG/U]

On the demand side, crude oil imports in China, the world's biggest importer of the commodity, could rebound by a much as 7% this year, analysts and oil company officials said.

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29-03-2024 17:25:13 (UTC+7)

EUR/USD

1.0783

-0.0004 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

EUR/USD

1.0783

-0.0004 (-0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

GBP/USD

1.2618

-0.0004 (-0.03%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (4)

USD/JPY

151.35

-0.03 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

AUD/USD

0.6514

-0.0001 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

USD/CAD

1.3551

+0.0014 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

163.16

-0.09 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (1)

EUR/CHF

0.9721

-0.0006 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (3)

Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (6)

US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (8)

DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

0.00 (0.00%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0783Neutral
 GBP/USD1.2618Sell
 USD/JPY151.35↑ Sell
 AUD/USD0.6514↑ Buy
 USD/CAD1.3551↑ Buy
 EUR/JPY163.16↑ Buy
 EUR/CHF0.9721↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
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SJC HCM7,900/ 8,100
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SJC Hanoi7,900/ 8,102
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Cập nhật 29-03-2024 17:25:15
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Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 17:21:40 29/03/2024
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