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07.02.2023 11:38 AM
Saudi Aramco raises oil prices after the earthquake in Turkey

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WTI climbed above $75 a barrel after Saudi Aramco raised the price of its deliveries to Asia amid growing optimism about a sustained recovery in demand in China.

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Equity markets also rose ahead of a planned interview with Fed Chairman Jerome Powell, while dollar fell in price, making currency-valued commodities more attractive to investors.

Oil had been enduring a volatile start to the year due to optimism about China's recovery and fears over potential global economic slowdown. Investors are also assessing the possible impact of new European Union sanctions, especially on how this will affect trade flows.

Recent supply disruptions also pushed oil prices further. An example of this is Turkey halting flows to the Ceyhan export terminal after a major earthquake. Another is the decline in production of Norway's giant Johan Sverdrup field, which was due to a power cut.

But despite the disruptions, Brent still signals a short-term supply deficit.

Andrey Shevchenko,
Analytical expert of InstaForex
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