Oil prices recorded an increase last week, after exceeding $85 per barrel during Thursday’s trading for the first time since November.
The weekly increase came thanks to increasing demand from American refineries that completed maintenance work.
Price movements
Over the past week, Brent crude futures rose 3.97 percent, to $85.34 per barrel.
US West Texas Intermediate crude also rose by 3.88 percent, to $81.09.
Prices ranged during most of last month between $80 and $84 per barrel.
On Thursday, the International Energy Agency raised its forecasts for oil demand in 2024 for the fourth time since November in light of the Houthi attacks that disrupt shipping traffic in the Red Sea.
The agency said in its latest report that global demand for oil will rise by 1.3 million barrels per day in 2024, an increase of 110,000 barrels per day from last month.
The agency expects a slight supply deficit this year after OPEC+ members extended production cuts.
The gains this week came despite the US dollar rising at its fastest pace in eight weeks.
The rise in the dollar increases the cost of crude oil for users of other currencies.
Prices also rose after Ukrainian strikes on Russian oil refineries caused a fire in the largest refinery belonging to Rosneft in one of the most serious attacks on the Russian energy sector in recent months.
The US Energy Information Administration said on Wednesday that US crude oil stocks also fell unexpectedly last week as refineries intensified processing operations, while gasoline stocks fell as demand rose.
2024-03-16 08:00:37
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