Oil hit 2024 highs amid supply concerns

On Tuesday, 2 April 2024, the international oil market closed higher with the Brent benchmark crossing $89/barrel for the first time since October 2023 after a report of a drone attack that hit Gazprom’s primary oil refining unit. Although media reports said the damage did not appear to be serious, the latest attack caused heavy concerns among oil traders.  

The OPEC+ ministerial panel meeting this Wednesday is another event that the markets are anticipating. It is unlikely, however, that the panel will suggest altering the policy on oil output.

Brent futures increased by $1.50 or 1.7% to settle at $88.92/barrel.

WTI rose by $1.44 or 1.7% to settle at $85.15/barrel.