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Brent rose above $87 per barrel


July, 02 2024
watermark Economic news

On Tuesday afternoon, oil prices continued to rise, due to concerns about the hurricane season in the Atlantic and expectations of strong demand for fuel in the United States during the long weekend on the occasion of Independence Day.


The current Brent quote is $87.40 per barrel. North American WTI crude is trading near $84.25. In the previous trading session, Brent rose by 1.9% and WTI by 2.3%, with both brands updating their highs since the end of April.


Hurricane Beryl has strengthened to the fifth category and is approaching the southeastern part of the Caribbean. The last powerful hurricane in this region was Ivan, which killed dozens of people in Grenada 20 years ago. Market participants fear that the hurricane may reach the Gulf of Mexico, which will lead to the suspension of oil production in the area.


Additional support for prices is provided by expectations of high demand. The American Automobile Association (AAA) predicts that a record 60.6 million Americans will go on car trips for the long weekend on the occasion of Independence Day, an increase of 2.8 million compared to last year.



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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.