{"id":12492,"date":"2024-11-20T12:30:12","date_gmt":"2024-11-20T12:30:12","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12492"},"modified":"2024-11-20T12:30:12","modified_gmt":"2024-11-20T12:30:12","slug":"brent-crude-oil-increased-to-73-dollars-and-53-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12492\/","title":{"rendered":"Brent crude oil increased to 73 dollars and 53 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil was broadly stable on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia offset data showing rising U.S. crude stocks.<\/p>\n

Brent crude futures for January were up 22 cents, or 0.3%, to $73.53 a barrel at 1026 GMT. U.S. West Texas Intermediate crude futures for December , due to expire on Wednesday, were up 31 cents, or 0.5%, to $69.70, while the more active WTI contract for January was up 24 cents at $69.48.<\/p>\n

The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.<\/p>\n

“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.<\/p>\n

On Tuesday, Ukraine used U.S. ATACMS missiles to strike Russian territory for the first time, Moscow said, while Russian President Vladimir Putin lowered the bar for a possible nuclear attack.<\/p>\n

“The price action in the oil market has been relatively uneventful post-U.S. election, with some pick-up in the past couple of days due to a temporary production outage in the North Sea and a further escalation in the nature of the confrontation in Ukraine,” said Harry Tchilinguirian, head of research at Onyx Capital Group.<\/p>\n

Norway’s Equinor on Wednesday said it restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. Equinor last month said the field was producing at peak capacity of around 755,000 barrels of oil equivalent per day (boed).<\/p>\n

On the demand side, U.S. crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.<\/p>\n

That was a bigger build than the 100,000-barrel increase analysts polled by Reuters were expecting.<\/p>\n

Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.<\/p>\n

Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.<\/p>\n

Official government data is due later on Wednesday.<\/p>\n

“If we get a confirmation of the API’s preliminary crude stock build figure, the market is likely to retrace lower to the levels seen at the start of the week,” Onyx Capital’s Tchilinguirian said.<\/p>\n

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Updated on