Oil snaps losing streak, Brent surpasses $86

25/03/2024 Argaam

Oil snaps losing streak, Brent surpasses $86

Oil drilling rigs

Oil closed positive today, March 25, as geopolitical tensions continue to escalate in the Middle East, coinciding with the Russia-Ukraine war, which raised supply concerns in the market.

 

Brent crude futures for May delivery rose 1.55%, or $1.32, to close at $86.75 per barrel, ending a three-session losing streak.

 

WTI crude for May delivery rose by 1.65%, or $1.32, to $81.95 per barrel.

 

Citigroup analysts said that Brent crude futures may test the level of $90 per barrel during the next few weeks. They expect the upward momentum to continue during the second quarter of this year.

 

The Financial Times reported that the United States urged Ukraine last week to stop drone attacks on Russian energy infrastructure due to concerns that they would lead to a rise in global oil prices.

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