Global crude oil prices continue to rise, with Brent crude reaching its highest levels in two and a half months.
The price of Brent crude has surpassed $77 per barrel, while U.S. West Texas Intermediate (WTI) is trading at $74.68 per barrel.
According to international media reports, Brent futures recently declined by 28 cents (0.37%), settling at $76.02 per barrel. Meanwhile, WTI dropped by 33 cents (0.45%) to record $73.23 per barrel. Despite these minor fluctuations, both benchmarks experienced five consecutive days of gains last week, climbing to their highest levels since October.
The upward momentum is partially attributed to expectations of additional financial stimulus to revitalize China’s struggling economy.
Additionally, the U.S. dollar, which recently hit a two-year high, saw a slight dip due to uncertainty surrounding tariffs under the Trump administration. A strong dollar typically increases oil costs for holders of other currencies.
Looking ahead, analysts anticipate balanced supply in the oil market, driven by higher demand from non-OPEC countries and moderated by weaker demand from China. This balance is expected to limit significant price hikes in the near future.
