Global oil prices jumped further on Tuesday, driven by the ongoing supply issues and the possibility of lower US inventories in the past week.
- Brent crude prices grew by $1.04 or 1.3% to $79.64 a barrel at 11:19 GMT, while West Texas Intermediate prices increased by $1.15 or 1.5% to $76.72. Both contracts traded at month-highs.
- Analysts believe the higher prices are driven by high production disruptions in Ecuador, Libya, and Nigeria, along with expectations of another large decline in the United States crude inventories.
- Analysts expect the decline in US crude oil inventories for the fifth straight week, with gasoline inventories likely to remain unchanged from the past week. Investors are also awaiting the upcoming meeting of the Organization of Petroleum Exporting Countries.
The OPEC+ is set to decide whether to go ahead with the planned production increase of 400,000 barrels per day in February.