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Oil prices rise on demand, Middle East tensions, hitting $87.79

CNBC — April 2, 2024, 06:00 AM UTC

Summary: Oil prices rose in Asian trading due to increased demand and Middle East tensions. Brent futures hit $87.79 a barrel, while WTI crude futures reached $84.03. Strong U.S. and Chinese manufacturing data boosted prices. Analysts predict U.S. futures could reach the mid-$90s if they break $84.00. An Israeli strike in Syria escalated Middle East tensions. OPEC will review output cuts in an upcoming meeting.

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Timeline:

  1. [6.6]
    Oil prices rise due to geopolitical tensions and supply concerns (CNBC)
    113d

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  2. [6.2]
    Oil prices spike, stocks drop amid Middle East tensions (Financial Times)
    113d

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  3. [6.6]
    Oil prices surge due to Ukraine strikes on refineries (CNBC)
    114d

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  4. [4.3]
    Crude oil futures rose after OPEC+ meeting on 2024-04-03 (CNBC)
    115d
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  5. [6.6]
    Oil prices surged due to geopolitical tensions and supply concerns (CNBC)
    116d

    ScoresSource
  6. [5.3]
    Oil prices dip slightly, OPEC+ extends cuts, supply impacted (CNBC)
    117d

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  7. [5.8]
    Brent crude prices fluctuated in FY24 due to OPEC+ actions (Mint)
    118d

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