The prices of oil recorded an increase of more than a dollar this Monday, driven by operators’ concerns about possible supply disruptions from the Middle East amid growing tensions in Yemen and according to statements by Russia about a suspected drone attack on a presidential residence.
Crude oil futures Brent were in $61.86 per barrel, up $1.22, up 2%, at 1703 GMT. West Texas Intermediate (WTI) The US rose $1.29, or about 2.3%, reaching the value $58.03 per barrel.
According to a note from Gelber & Associates collected by ReutersRecent instability in the region has seen the market’s attention shift to the Middle East, particularly with Saudi airstrikes in Yemen keeping the possibility of supply disruptions at the forefront.
The Saudi-led coalition in Yemen said any military action by the largest southern separatist group in the eastern province of Hadramout that jeopardized de-escalation efforts would be countered to protect civilians, the Saudi state news agency reported on Saturday.
In terms of price, the market expects this Saudi Arabiathe world’s leading exporter, cut the February price of its Arab Light crude for Asian buyers for the third month in a row, reflecting spot market declines due to oversupply. This was stated by six sources from Asian refiners in a survey by Reuters.
On another front, Russia declared on Monday that Ukraine had launched a drone attack on the Russian presidential residence in the north of the country, a fact that prompted Moscow to do so Reconsider your stance on peace talks. Ukraine has rejected these accusations and Moscow, in the words of its foreign minister, “demandsfalse justifications” to launch new offensives.
Ahead of these events, Ukrainian President Volodymyr Zelensky stated that important progress had been made in talks with his American counterpart Donald Trump and announced that the US and Ukrainian teams will meet next week to discuss important issues related to ending the Russian war in Ukraine.
White House spokeswoman Karoline Leavitt indicated Monday that Trump also had a “positive conversation” with Vladimir Putin about the situation in Ukraine.
On the other hand, investors remain alert to the release of US oil reserves data for the week ending December 19th. An extended Reuters poll expects crude oil inventories to fall, although distillate and gasoline stocks are expected to rise. The report was initially scheduled to be published at 2:30 p.m. GMT on Monday suffered a fresh delay with no defined date, having previously been pushed back from December 24 to December 29 due to the Christmas holidays.
(With information from Reuters)
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