Brent crude was up 49 cents, or 0.6%, at $77.53 a barrel at 1432 GMT. U.S. West Texas Intermediate crude rose 36 cents, or 0.5%, to $72.01, after both benchmarks gained about $2 in earlier trading.
A Reuters survey of economists and analysts predicted Brent crude would average $82.56 a barrel this year, up slightly from the 2023 average of $82.17, as weak global growth is expected to plateau Requirement. Geopolitical tensions could, however, support prices.
US helicopters repelled an attack by Iran-backed Houthi forces on a Maersk container ship in the Red Sea on Sunday, sinking three Houthi ships and killing 10 of the militants, fueling the risk that the war between Israel and Hamas could collapse. becomes a broader conflict.
Danish shipowner Maersk said it would decide on Tuesday whether it would resume sending ships through the Suez Canal via the Red Sea or reroute them around Africa after the attack, a spokesman for the company.
“The main factors will continue to be geopolitics and the extent of economic growth,” John Paisie, president of Stratas Advisors, said of oil prices for the year ahead.
“Israeli Hamas has the potential to intensify and expand – and increase the risk premium.” A broader conflict could close crucial waterways for transporting oil.
At least four tankers carrying diesel and jet fuel from the Middle East and India to Europe are sailing around Africa to avoid the Red Sea, according to ship tracking data.
In China, investor expectations for further economic stimulus measures rose after manufacturing activity declined for a third month in December, government data showed Sunday.
Such stimulus measures could boost oil demand and support crude prices.
Brent crude was up 49 cents, or 0.6%, at $77.53 a barrel at 1432 GMT. U.S. West Texas Intermediate crude rose 36 cents, or 0.5%, to $72.01, after both benchmarks gained about $2 in earlier trading.
A Reuters survey of economists and analysts predicted Brent crude would average $82.56 a barrel this year, up slightly from the 2023 average of $82.17, as weak global growth is expected to plateau Requirement. Geopolitical tensions could, however, support prices.
US helicopters repelled an attack by Iran-backed Houthi forces on a Maersk container ship in the Red Sea on Sunday, sinking three Houthi ships and killing 10 of the militants, fueling the risk that the war between Israel and Hamas could collapse. becomes a broader conflict.
Danish shipowner Maersk said it would decide on Tuesday whether it would resume sending ships through the Suez Canal via the Red Sea or reroute them around Africa after the attack, a spokesman for the company.
“The main factors will continue to be geopolitics and the extent of economic growth,” John Paisie, president of Stratas Advisors, said of oil prices for the year ahead.
“Israeli Hamas has the potential to intensify and expand – and increase the risk premium.” A broader conflict could close crucial waterways for transporting oil.
At least four tankers carrying diesel and jet fuel from the Middle East and India to Europe are sailing around Africa to avoid the Red Sea, according to ship tracking data.
In China, investor expectations for further economic stimulus measures rose after manufacturing activity declined for a third month in December, government data showed Sunday.
Such stimulus measures could boost oil demand and support crude prices.