Oil prices rise on tighter supply, geopolitical risks

Oil been rangebound for much of the last month, but on Thursday a bullish demand report from the International Energy Agency sent oil prices rising to their highest

By Staff Writer · March 18, 2024 · 1 min read

Oil prices edged up in early Asian trading, consolidating gains from the previous week amid tightening supply concerns. Brent crude futures rose 3 cents to $85.37 a barrel, while WTI crude for April delivery increased 10 cents to $81.14.

Oil prices

Geopolitical tensions, including Ukrainian drone strikes on Russian refineries, added pressure. In the Middle East, Israeli PM Netanyahu’s plan to push into Gaza’s Rafah enclave raised concerns.

Investors await the outcome of the Fed’s meeting for clarity on interest rate cuts, which could stimulate U.S. demand. Despite volatility, both Brent and WTI futures closed the week higher, supported by bullish demand forecasts.