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    Home » WTI crude oil price exceed $80.00 per barrel

    WTI crude oil price exceed $80.00 per barrel

    January 16, 2025
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    *Brent, WTI.

    London — The price of West Texas Intermediate (WTI) crude oil has experienced a notable increase, surpassing $80.00 per barrel. This rise represents a jump of over 3%, placing the price at $80.70, the highest since July.

    This surge has been primarily driven by a significant reduction in U.S. crude oil inventories, which are at their lowest level since 2022. This reserve decline has been attributed to an increase in exports and a decrease in crude oil imports.

    Sanctions imposed by the United States on Russian oil have also played a key role in the rise in crude oil prices. These sanctions are designed to limit the global supply of Russian oil, which has created uncertainty in the market and contributed to the upward price trend. With the expectation that these sanctions will continue to affect global supply, crude oil prices remain elevated.

    On the geopolitical front, the recent ceasefire agreement between Israel and Hamas has temporarily relieved the oil market. This agreement, which included a hostage-prisoner exchange, has partly mitigated concerns about potential disruptions in oil supply in the region. However, this temporary relief has not sufficiently reversed the upward price trend.

    Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has projected increased global crude oil demand. According to their forecasts, 1.43 million barrels per day of growth is expected by 2026, maintaining a similar trend to the expected growth for 2025. This forecast of future demand growth supports current oil prices, as the market anticipates a greater need for crude in the coming years.

    The current context shows an oil market influenced by international sanctions, geopolitical dynamics, and future demand expectations. Each of these elements contributes to price formation and creates an environment of uncertainty and volatility. Market players continue to closely monitor these developments to adjust their investment and supply strategies.

    In conclusion, the WTI crude price has exceeded $80.00, driven by a combination of factors, including reducing U.S. reserves, sanctions on Russian oil, geopolitical agreements, and projections of increased global demand. This scenario suggests that oil prices could remain elevated shortly, depending on how these key factors evolve.

    *Antonio Di Giacomo, Senior Market Analyst at XS.com

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