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Oil prices soar on bullish forecasts, US production disruptions, and MEA tensionsOil prices experienced a notable surge in Thursday's trading session, driven by a combination of factors including bullish forecasts from the International Energy Agency (IEA) |
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Oil prices experienced a notable surge in Thursday's trading session, driven by a combination of factors including bullish forecasts from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC), weather-related disruptions in US crude output, and geopolitical tensions in the Middle East.
A winter storm in the United States disrupted crude oil production, amplifying concerns about potential supply shortages. As a result, market participants closely monitored the situation, taking into account the impact of weather-related disruptions on the already intricate global oil supply chain.
Brent crude futures settled up $1.22/barrel or 1.6% at $79.10/barrel,
WTI crude futures gained $1.52/barrel or 2% to close at $74.08/barrel.
