Energy
Monday, April 1st, 2024 3:10 pm EDT
Key Points
- Crude oil futures, represented by both the West Texas Intermediate (WTI) and Brent contracts, experienced a slight decline on Monday, marking a pause in their upward trend after a strong first quarter.
- The WTI contract for May delivery dropped by 0.4% to $82.84 a barrel, while the Brent contract for June delivery fell by 0.49% to $86.57 a barrel on the first day of trading for the second quarter.
- Despite the slight dip, both U.S. crude (WTI) and Brent recorded three consecutive months of gains, with WTI up by 15.5% for the year and Brent rising by 12.3%. These increases were driven by expectations of robust global demand and OPEC+’s decision to withhold barrels from the market. Geopolitical tensions, such as Ukraine’s strikes on Russian oil refineries and Houthi militant attacks in the Red Sea, continue to pose risks to the market, contributing to volatility and leading to the diversion of crude deliveries around the Cape of Good Hope in southern Africa.
Crude oil futures experienced a slight dip on Monday, pausing after a robust first quarter. The West Texas Intermediate contract for May delivery slipped by 0.4%, settling at $82.84 a barrel, while the Brent contract for June delivery fell by 0.49%, closing at $86.57 a barrel. Despite this, both U.S. crude and Brent recorded three consecutive months of gains, with WTI up by 15.5% for the year and Brent rising by 12.3%. The upward trajectory in oil prices this year has been fueled by expectations of strong global demand, coupled with OPEC+’s decision to withhold barrels from the market until at least the second quarter. However, geopolitical tensions, such as Ukraine’s strikes on Russian oil refineries and Houthi militant attacks in the Red Sea, continue to contribute to market volatility, leading to the diversion of crude deliveries around the Cape of Good Hope in southern Africa.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/04/01/crude-oil-prices-today.html
