Oil prices rose Monday on concerns about supply disruptions amid tensions in Eastern Europe and the Middle East. OPEC and its allies are still working to increase output.
- Brent crude futures were up 81 cents, or 0.9%, to $88.70 a barrel.
- WTI crude futures were up 72 cents, or 0.9%, to $85.86 a barrel.
As the New York Times reported late Sunday, U.S. President Joe Biden is considering sending thousands of U.S. troops to NATO allies in Eastern Europe and the Baltics.
In the Middle East, the United Arab Emirates Defense Ministry said Monday it destroyed two Houthi missiles aimed at the Gulf state without injuring anyone, the state news agency (WAM) reported.
OPEC+ is struggling to meet its monthly production target of 400,000 barrels per day. According to the EIA, OPEC’s unexpected production outages last month are estimated at 2.2 million barrels per day.
Meanwhile, Goldman Sachs analysts see the BRENT price rising even further in 2022. They estimate that the BRENT price will exceed $100 per barrel in the second half of the year. They raise their forecast for BRENT crude oil to $105 per barrel.
The Spot Market is Open
Monday, January 24, 2022