Market News : On Tuesday, WTI crude oil prices reached $75 per barrel, up for the second session in a row due to concerns about supply and optimismp regarding China’s recovery in demand.
After a significant earthquake struck the region, operations at the Ceyhan oil terminal in southern Turkey, which can export up to 1 million barrels of crude per day, were suspended as a precaution. The Johan Sverdrup Phase 1 in Norway also stopped producing oil because of a cooling system problem.
On the demand side, IEA Executive Director Fatih Birol stated over the weekend that a stronger-than-anticipated recovery in China’s economy could boost crude demand.
Additionally, Goldman Sachs increased its fourth-quarter 2023 oil demand estimate by 400,000 barrels per day to 16 million barrels per day. On Sunday, the price caps for Russian oil products and the European ban on seaborne imports also went into effect.
