Oil Prices Edge Up, Exceeding Demand Forecasts Slightly

12 Mar 2024 , 10:01 AM

Early Asian trade saw an increase in oil prices, but as the market awaited monthly updates from oil agencies, price movements were constrained.

Brent futures for May delivery had increased by 23 cents to $82.44 per barrel. The April contract for US oil increased by 17 cents, closing at $78.10 per barrel.

Monday’s prices remained mainly steady as worries over the Middle East’s protracted conflict’s impact on the oil supply subsided.

During the Muslim holy month of Ramadan, Israel was investigating on Monday whether it had killed Hamas’s deputy military chief in an airstrike in Gaza. However, there have been no notable supply disruptions as a result of the battle.

For feedback and suggestions, write to us at [e-mail]