Oil reached higher levels since October 2023 on Russian supply concerns
Stronger demand and economic growth in China and the United States as well as supply cuts from OPEC+, all contributed to the increase in oil prices.
International benchmarks for crude oil remained at multi-month highs on Tuesday, 29 March 2024 as traders evaluated the impact of Ukraine's recent strikes on Russian refineries on the world's petroleum supplies.
Stronger demand and economic growth in China and the United States as well as supply cuts from OPEC+, all contributed to the increase in oil prices. Reductions in crude shipments from Saudi Arabia and Iraq also aided in the rise.
Brent futures increased by 0.6% to settle at $87.38/barrel.
WTI climbed up by 75 cents or 0.9% to settle at $83.47/barrel – the highest settlement since 27 October 2023.