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Crude Oil Prices Rose As Investors Anticipated Tighter Supplies.
Crude oil prices surged by 1.96% yesterday, settling at 6909, driven by investor anticipation of tighter supplies amidst expectations that the OPEC+ producer alliance would maintain current production cuts. Geopolitical tensions added to market apprehensions, raising concerns about potential supply disruptions. However, OPEC+ is unlikely to alter its oil output policy until a comprehensive ministerial meeting scheduled for June. The IEA revised its demand forecast upward for the fourth time since November, while also tightening its supply outlook due to ongoing disruptions in Red Sea shipping.
