Due to market concerns about insufficient oil supply, international crude oil futures prices rose strongly on the 29th and closed up
Light crude futures for October delivery rose $3.
95, or 4.
to settle at $97.
01 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for October delivery rose $4.
1, or 4.
06%, to settle at $105.
09 a barrel
Phil Flynn, senior market analyst at Price Futures Group, said that although the Fed's efforts to fight inflation may cause a recession and hurt energy demand, oil prices remain strong on the 29th
The reality of tight supply keeps oil product prices high
Traders are more concerned about Libyan oil supply problems and a possible tropical storm in the Atlantic Ocean, which could disrupt oil production
in the Gulf of Mexico.
According to Libyan media reports, on the evening of the 26th, armed forces belonging to the Libyan National Unity Government and the National Congress clashed in several areas of Tripoli, which was the most violent conflict in the country since the signing of a ceasefire agreement between the two sides of the Libyan conflict
in October 2020.
of Indian brokerage firm Religare Broking.
Sugandha Sachdeva said hopes that OPEC+ producers would cut output to balance the market amid a prospect of a deal in the Iran nuclear talks drove prices higher
Tina Teng, an analyst at online trading platform CMC Markets, said that while a strong dollar constrains overall commodity prices, the problem of insufficient supply in the oil market is likely to continue to provide support
for higher oil prices.
Francisco Blanch, head of commodity and derivatives research at Bank of America, said on the 29th that the current European TTF natural gas price is 3 times the cost of diesel power generation, 5 times the cost of coal and crude oil power generation, and 7 times
the cost of high-sulfur fuel oil power generation.
The market has become very creative at the current price level, with the potential
for oil demand, prices and cracking spreads to rise.