Creeping Up, World Crude Oil Prices Are Still Around USD90 per Barrel

LONDON – Crude oil price The world edged up in trade, Tuesday (9/4/2024) hit by hopes of a ceasefire in Gaza. Another sentiment came from Mexico’s plans to squeeze supply from the global oil market.

Reported by Reuters, crude oil futures prices Brent it was observed that it rose 28 cents, which is equivalent to 0.31%, touching the level of USD90.66 per barrel. Meanwhile, the price of US West Texas Intermediate (WTI) crude oil futures recorded an increase of 24 cents or 0.28% at USD 86.67/barrel.

At the beginning of last week local time, a new round of Israeli-Hamas ceasefire discussions took place in Cairo. In the middle of ceasefire negotiations Israel-Hamas making Brent experience its first decline in five trading sessions.

Meanwhile, the continuation of the conflict in the Middle East with the potential to expand has more or less had an impact on world oil. Especially Iran, which is the main supporter of Hamas and the third largest producer in the Organization of Petroleum Exporting Countries (OPEC).

Adding to global oil market concerns, Mexico’s state oil company Pemex said it would cut crude oil exports by 330,000 barrels per day so it could supply more to domestic refineries. The supply reduction is aimed at US, European and Asian corporate buyers by one third.

Pemex has cut April exports by 436,000 barrels per day. In addition, investors are also waiting for inflation data from the US and China for further signals about the economic direction of the world’s top two oil consumers, as well as an interest rate decision from the European Central Bank on Thursday.

(acres)