Oil futures climbed to their highest since October on Monday, spurred by surprising industrial data from China and the US.This rise comes as the market anticipates the next OPEC+ meeting on Wednesday.West Texas Intermediate (WTI) for May saw a 0.65% increase, reaching $83.71 a barrel on the New York Mercantile Exchange.
Brent crude for June went up by 0.48%, landing at $87.42 a barrel.Chinas manufacturing Purchasing Managers Index (PMI) leaped to 50.8 in March from 49.1 in February, beating the forecast of 50.This hike indicates a bounceback in economic activity and industrial recovery, with expectations for steady short-term growth.Oil Prices Hit New Peaks: A Global Perspective.
(Photo Internet reproduction)The US industrial PMI also improved, marking an end to a one-and-a-half-year contraction, per the Institute for Supply Management.Mizuho analysts highlighted Middle East tensions, noting a recent Israeli attack in Damascus.
This incident might escalate conflicts, potentially disrupting the oil supply.However, Spartan Capitals Peter Cardillo believes the upcoming OPEC+ gathering wont impact oil prices significantly.In addition, the consensus is that the alliance will stick to its current production cuts.In the US, the demand for energy is on the rise with springs arrival, noted Louis Navellier of Navellier - Associates.Yet, with ongoing supply constraints, oil prices are expected to maintain their upward trajectory.This dynamic scenario underscores the global oil markets sensitivity to geopolitical events, industrial performance, and seasonal changes.As the world watches OPEC+s decisions and navigates supply-demand shifts, the journey of oil prices continues to unfold.