Brent Crude Reaches New High of $85+ Per Barrel for First Time Since February

The cost of futures for Brent crude for delivery in May 2023, according to trading on the London Stock Exchange today, Thursday, exceeded $85 per barrel for the first time since February 16.

By 13:08 Moscow time, the price of futures contracts for benchmark Brent crude for delivery in May 2023 rose by 0.26% to $84.53 per barrel, and by 16:31 Moscow time, the price increased by 0.82% to $85 per barrel. .

And by 16:40 Moscow time, the price of Brent crude rose by 0.94%, bringing its price to $85.1.

Meanwhile, futures for US West Texas crude for April 2023 rose 1.16% to $78.59 a barrel.

Crude oil prices rose again during today’s trading on Thursday, March 2 to continue to reap profits for the third consecutive session, and crude oil prices ended their trades yesterday, Wednesday, March 1, on the rise to continue to reap the benefits the second session in a row, recording the highest level in two weeks.

Oil markets started to trade higher, then fell under pressure due to fears of falling demand after data showed a significant decline in US oil inventories.

The increase in crude oil prices was supported by signs of a strong economic recovery in China, the largest importer of crude oil, but it remained under control due to fears of the impact of a potential increase in interest rates in Europe.

Source: agencies