02 May 2024

Indian refiners declare a major increase in furnace oil prices

A Strong Global Economy Is Expected to Keep Oil Prices Rangebound.

Brent crude futures settled up 49 cents, or 0.55%, to $89.50 a barrel. U.S. WTI crude futures settled up 28 cents, or 0.34%, to $83.85 a barrel.

Oil refinery in Russia's Krasnodar region damaged in Ukraine drone attack.

Kazakhstan’s Oil Flows to Germany Threatened as Russia Demands Transit Fees.

Supply concerns supported prices as tensions continue in the Middle East.

In the 12 months through March, U.S. inflation rose 2.7% after an advance of 2.5% in February. Last month’s increase was broadly in line with economists’ expectations. The U.S. central bank is expected to leave rates unchanged at its policy meeting next week.

Global oil inventories are forecasted to rise through May, but may not be enough to tame oil prices amid the ongoing geopolitical developments and OPEC+'s supportive market management strategy.