Early on Tuesday, oil prices were mixed after the OPEC+ group of oil producers decided…
Concerns about supply and demand in China have caused the price of oil to increase.
Oil prices increased on Tuesday due to supply concerns following two significant earthquakes in Turkey and ongoing predictions of recovering demand in China, the world’s largest oil importer.
At 09:48 local time (06:48 GMT), the price of international benchmark Brent crude was $82.14 per barrel, up 1.4 percent from the previous trading session’s closing price of $80.99 per barrel.
West Texas Intermediate (WTI), the American benchmark, was trading at $75.27 a barrel at the same time, up 1.6 percent from the previous session’s closing price of $74.11 per barrel.
After the head of the International Energy Agency, Fatih Birol, said in an interview on Sunday that China is likely to contribute for about half of the growth in global oil consumption this year, the bullish market sentiment increased.
“The OPEC+ countries will need, in my view, to look at their (production) strategies if demand goes up extremely significantly and if the Chinese economy recovers,” Birol was quoted as saying.
Early on Monday morning, a strong magnitude 7.7 earthquake affected the Pazarcik district of the Kahramanmaras province as well as Gaziantep, Sanliurfa, Diyarbakir, Adana, Adiyaman, Malatya, Osmaniye, Hatay, and Kilis.
Then, at 13:24 (1024 GMT), a 7.6 magnitude earthquake with a center in the Elbistan district of Kahramanmaras struck the area once more.
The Turkish Petroleum Pipeline Company (BOTAS) stopped the flow of crude oil in the area out of an abundance of caution, according to Orhan Tatar, the risk reduction general manager of the Disaster and Emergency Management Presidency (AFAD), adding to concerns about demand and driving up prices.
Markets are currently anticipating Wednesday’s speech by US Federal Reserve Chair Jerome Powell.
Last week, Powell stated that he anticipates that rate hikes would continue, indicating a stronger currency in the near future while encouraging less demand on the world oil market.***
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