Oil prices rose this Monday, June 24, driven by the expectation of greater demand for crude oil in the United States, and by geopolitical risks linked to conflicts in the Middle East and Ukraine.
The price of North Sea Brent for delivery in August closed with an increase of 0.90% to $86.01.
While, West Texas Intermediate (WTI) for the same month gained 1.11% to $81.63.
«We had a good day in the oil market. Investment funds are beginning to realize that the market could be under significant pressure in the coming weeks due to the travel season in the United States, summarized Phil Flynn of Prices Futures Group.
In parallel, “there was an increase in geopolitical risks,” Flynn highlighted.
“Not only did the Houthi rebels attack ships over the weekend, but there was a Ukrainian attack in Crimea and the Russians accuse the United States, which makes the situation much more tense,” commented the Prices Futures Group analyst.
kyiv also claimed responsibility for a drone attack on refineries in Russia on Friday.
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