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Oil prices hit three-year high on back of supply deficit forecasts

By Laura Sanicola (Reuters) -Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of...
Oil prices hit three-year high on back of supply deficit forecasts © Reuters. FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

By Laura Sanicola

(Reuters) -Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.

Brent crude futures were up 70 cents, or 0.9%, at $84.70 a barrel at 1:28 p.m. EDT (1728 GMT). Front-month prices, which touched their highest level since October 2018 at $85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain.

U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.0%, to $82.11 a barrel. The contract is heading for a 3.5% gain on the week, putting it on track for an eighth consecutive weekly rise.

Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.

The White House said it will lift COVID-19 travel restrictions for fully vaccinated foreign nationals effective Nov. 8, which should boost jet fuel demand.

Meanwhile, a sharp drop in oil stockpiles in the United States and the member countries of the Organisation of Economic Co-operation and Development is expected to keep global supply tight.

"It will take a trifecta of events to derail this oil price rally: OPEC+ unexpectedly boosts output, warm weather hits the Northern Hemisphere, and if the Biden administration taps the strategic petroleum reserves," said Edward Moya, senior market analyst at OANDA.

The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd).

That would result in a supply gap of around 700,000 bpd through the end of this year, until the Organization of the Petroleum Countries and allies, together called OPEC+, add more supply, as planned in January.

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28-03-2024 22:22:44 (UTC+7)

EUR/USD

1.0801

-0.0025 (-0.23%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (1)

EUR/USD

1.0801

-0.0025 (-0.23%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (1)

GBP/USD

1.2636

-0.0002 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (8)

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USD/JPY

151.23

-0.10 (-0.06%)

Summary

↑ Sell

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AUD/USD

0.6519

-0.0014 (-0.21%)

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Moving Avg:

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USD/CAD

1.3546

-0.0021 (-0.15%)

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EUR/JPY

163.28

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EUR/CHF

0.9741

-0.0045 (-0.46%)

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2,236.60

+23.90 (+1.08%)

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25.017

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4.0107

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Crude Oil WTI Futures

82.62

+1.27 (+1.56%)

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86.48

+1.07 (+1.25%)

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1.738

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Euro Stoxx 50

5,091.95

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+33.26 (+0.18%)

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7,970.50

+38.52 (+0.49%)

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+148.58 (+0.91%)

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2,129.85

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11,101.01

-10.29 (-0.09%)

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207.02

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 EUR/USD1.0801Buy
 GBP/USD1.2636↑ Buy
 USD/JPY151.23↑ Sell
 AUD/USD0.6519↑ Buy
 USD/CAD1.3546↑ Sell
 EUR/JPY163.28↑ Sell
 EUR/CHF0.9741↑ Sell
 Gold2,236.60↑ Buy
 Silver25.017↑ Buy
 Copper4.0107↑ Buy
 Crude Oil WTI82.62↑ Buy
 Brent Oil86.48↑ Buy
 Natural Gas1.738↑ Buy
 US Coffee C187.83↑ Sell
 Euro Stoxx 505,091.95↑ Buy
 S&P 5005,254.53↑ Buy
 DAX18,508.32Neutral
 FTSE 1007,970.50Neutral
 Hang Seng16,541.42Neutral
 Small Cap 20002,129.85↑ Buy
 IBEX 3511,101.01↑ Buy
 BASF52.910↑ Sell
 Bayer28.53↑ Buy
 Allianz277.60↑ Buy
 Adidas207.02Buy
 Lufthansa7.293Sell
 Siemens AG176.97↑ Buy
 Deutsche Bank AG14.593↑ Buy
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Cập nhật 28-03-2024 22:22:53
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ↀ Giá vàng thế giới
$2,213.64+22.621.03%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
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$82.29+4.850.06%
Brent$86.33+4.690.06%
$ 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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