Home business Brent oil prices reach their maximum within five months

Brent oil prices reach their maximum within five months

On Monday, global oil prices recorded their highest value since November 2018. Brent crude futures were $ 70.83 per barrel, while those of the WTI brand reached $ 63.53 in the morning. of this day, reports Reuters.

Such a phenomenon on the stock exchange takes place amid the commitments made by the Organization of Oil Exporting Countries and its partners (OPEC +) to production cuts agreed in December to the end of June.

"The continuous supply by OPEC and American sanctions to Iran and Venezuela They were the main driver for prices throughout the year, "says Hussein Sayed, market strategist at the futures broker.

The recent escalation of tensions in Libya, however, raises concerns, as this can provoke "greater disruption" of the oil supplysays Sayed.

Libya produced 1.1 million barrels of crude oil in March, but runs the risk of creating an "even greater deficit in the second quarter" In the case of new production reductions, says Carsten Fritsch, analyst at the German financial institution Commerzbank.

The current situation in Libya comes after April 4, Marshal Khalifa Haftar, head of the Libyan National Army and whose forces control more than 70% of the country's territory, launched an offensive to regain Tripoli and expel the capital from the capital . Government of National Agreement (GAN), supported by the UN.

Since the overthrow of Muammar Gaddafi in 2011 and foreign military interventions, two rival governments in Libya have dominated: the GAN, which controls Tripoli and the west of the country, and the House of Representatives of Libya, based in the city of Tobruk, that Haftar supports.

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