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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Brent near $80 as US output hits record

Oil Market Reacts: 3% Surge as Israeli Strikes on Iran Rattle Invest
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. RE... A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
Oil Market Reacts: 3% Surge as Israeli Strikes on Iran Rattle Invest
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. RE... A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

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Brent nears $80 as US output hits a record. On Thursday, Brent traded at $80 a barrel as increasing U.S. stocks and record output offset concerns over Red Sea shipping disruptions. Brent crude futures increased 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while West Texas Intermediate crude rose 4 cents to $74.26.

“Oil worries about U.S. production this morning and is less optimistic than usual,” said PVM Oil analyst John Evans. On Thursday, Brent traded at $80 a barrel as increasing U.S. stocks and record output offset concerns over Red Sea shipping disruptions.

Brent crude futures increased 13 cents, or 0.1%, to $79.80 a barrel by 0914 GMT, while West Texas Intermediate crude rose 4 cents to $74.26.

“Oil worries about U.S. production this morning and is less optimistic than usual,” said PVM Oil analyst John Evans.

Both benchmarks rose for a third consecutive Wednesday as investors fretted about trade disruptions as large marine vessels avoided the Red Sea route due to higher transport and insurance expenses.

About 12% of global shipping flows via the Suez Canal and Red Sea. Since most Middle Eastern crude is exported via the Strait of Hormuz, analysts say the impact on oil supplies has been minimal.

“We believe the disruptions are unlikely to have sustained ramifications on energy, as vessel redirection hampers global supply chains, not volumetric production,” Ehsan Khoman of MUFG said.

The higher expenses of longer trips around South Africa’s Cape of Good Hope “risks fanning the flames of global inflation just as the Fed (U.S. Federal Reserve) signalled it’s preparing to cut rates in 2024.”.

On Wednesday, the U.S.-led coalition capping sea-borne Russian oil unveiled compliance regime adjustments that the Treasury Department claimed would make it difficult for Russian exporters to avoid the ban.


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