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Oil prices hit seven-year highs as tight supply bites

By Rowena Edwards and Noah Browning LONDON (Reuters) -Benchmark oil prices climbed to their highest since 2014 on Tuesday as possible supply disruption after attacks in the...
Oil prices hit seven-year highs as tight supply bites © Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

By Rowena Edwards and Noah Browning

LONDON (Reuters) -Benchmark oil prices climbed to their highest since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.

Brent crude futures rose by $0.74, or 0.9%, to $87.22 a barrel at 1446 GMT. U.S. West Texas Intermediate (WTI) crude futures jumped $1.07, or 1.3%, to $84.89. Trade on Monday was subdued because of a U.S. public holiday.

Both benchmarks touched their highest since October 2014 earlier on Tuesday.

Supply concerns have risen this week after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.

After launching drone and missile strikes that set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to "respond to these terrorist attacks".

UAE oil company ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot.

Also adding to geopolitical price premiums are rising tensions between Ukraine and OPEC+ member Russia.

In addition, some producers within the Organization of the Petroleum Exporting Countries (OPEC) are struggling to pump at their allowed capacities under an agreement with Russia and allies to add 400,000 barrels per day each month.

OPEC will release its January oil market report at 1230 GMT.

"The consensus is that the situation will not improve in the foreseeable future and oil demand growth together with supply constraints is inevitably leading to a tighter oil balance," said PVM analyst Tamas Varga.

Goldman Sachs (NYSE:GS) analysts said they expect oil inventories in OECD countries to fall to their lowest since 2000 by the summer, with Brent oil prices rising to $100 later this year.

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29-03-2024 03:44:49 (UTC+7)

EUR/USD

1.0788

-0.0038 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (6)

EUR/USD

1.0788

-0.0038 (-0.35%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (6)

GBP/USD

1.2623

-0.0014 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (0)

USD/JPY

151.38

+0.07 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (6)

AUD/USD

0.6515

-0.0018 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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USD/CAD

1.3544

-0.0023 (-0.17%)

Summary

Neutral

Moving Avg:

Buy (6)

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Indicators:

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EUR/JPY

163.25

-0.50 (-0.31%)

Summary

Neutral

Moving Avg:

Buy (9)

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Indicators:

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Sell (4)

EUR/CHF

0.9727

-0.0059 (-0.60%)

Summary

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Gold Futures

2,244.05

+31.35 (+1.42%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Silver Futures

24.997

+0.245 (+0.99%)

Summary

↑ Buy

Moving Avg:

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Copper Futures

4.0080

+0.0080 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

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Crude Oil WTI Futures

83.06

+1.71 (+2.10%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

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Brent Oil Futures

86.89

+1.48 (+1.73%)

Summary

Neutral

Moving Avg:

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Indicators:

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Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

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US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

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Moving Avg:

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Indicators:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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Indicators:

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S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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Neutral

Moving Avg:

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Sell (12)

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IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

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Moving Avg:

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Indicators:

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Sell (1)

 EUR/USD1.0788↑ Sell
 GBP/USD1.2623↑ Buy
 USD/JPY151.38↑ Sell
 AUD/USD0.6515↑ Sell
 USD/CAD1.3544Neutral
 EUR/JPY163.25Neutral
 EUR/CHF0.9727↑ Sell
 Gold2,244.05↑ Buy
 Silver24.997↑ Buy
 Copper4.0080Neutral
 Crude Oil WTI83.06↑ Buy
 Brent Oil86.89Neutral
 Natural Gas1.752↑ Buy
 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
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Cập nhật 29-03-2024 03:44:51
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ↀ Giá vàng thế giới
$2,221.48+30.461.39%
Live 24 hour Gold Chart
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.73+5.30.07%
Brent$86.76+5.120.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
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