Foreign media attention: International oil prices hit a new high in more than seven years

According to the Wall Street Journal website reported on January 20, crude oil futures prices continued to climb on Wednesday, hitting a new high in more than seven years. A fire at a pipeline temporarily disrupted crude oil shipments from Iraq to Turkey, while the International Energy Agency raised its forecast for crude oil demand growth in 2022.

According to Reuters, the Kirkuk-Ceyhan pipeline, which was interrupted on Tuesday by an explosion near a pipeline in southeastern Turkey, has resumed carrying crude oil.

Analysts said the market's reaction to the oil supply disruption highlighted the sensitivity of the market to supply concerns.

West Texas intermediate-base crude oil, which delivered on the New York Mercantile Exchange for February, rose $1.53 on Wednesday at $86.96 a barrel, up 1.8 percent, and at one point as high as $87.92 a barrel.

Brent crude futures, the global benchmark for IASE delivery in March, rose 93 cents to $88.44 a barrel, or 1.1 percent, after hitting a high of $89.17.

Both West Texas Intermediate and Brent crude prices hit their highest levels since October 2014.

Analysts forecast a tight oil supply in 2022, according to Reuters Singapore reported on January 19, partly because oil demand will still be much better than expected amid the Opmi-Kerong epidemic. Some analysts say oil prices will rebound to $100 a barrel.

Geopolitical issues in Russia, the world's second-largest oil producer, and the United Arab Emirates, OPEC's third-largest oil producer, are adding to concerns about oil supplies.

At a time when OPEC+, a group of OPEC, Russia and their allies, has struggled to meet their agreed goal of increasing supply by 400,000 barrels per month, tensions have raised the prospect of supply disruptions.

Edward Moya, an analyst at Chubb, said in a note: "'OPEC+' has not met its production quotas, and if geopolitical tensions continue to heat up, Brent crude may not need much push to reach $100 per barrel." ”

Vivick Dahl, a commodities analyst at commonwealth Bank of Australia, said in a note: "Supply constraints on OPEC+and continued growth in global oil demand are likely to give oil prices good support in the coming months. ”

Source: Reference News Network