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Oil inched up on lingered Middle East disruptions, demand worries trigger limted gains

12 Mar,2024
Oil inched up on lingered Middle East disruptions, demand worries trigger limted gains

Oil edged up on Tuesday amid geopolitical disruptions in the Middle East that lingered to spike worries, but gains were capped by prevailed negative sentiments on anticipation of markets for oil figures.

Brent crude ticked up by 0.3%, to $82.47 per barrel, while US WTI edged up by 0.2% to $78.10 per barrel.

Limited gains were triggered by projections of slow in Chinese demand soared supply from producers not affiliated with OPEC.

Negative demand sentiments and spiked supply from outside suppliers other than OPEC, the current circumstances provide limited opportunity for the market to turn bullish on oil prices.

IEA predicts oil supply to accelerate to a peak of about 103.8 million bpd, mostly pushed by producers outside OPEC and its allies.

On the other hand, the Chinese crude oil imports advanced in Jan and Feb of the current year in contrary to the same months of the earlier year, but slower than the previous months.

 

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