Posted 4/2/2024, 5:22:20 PM
Oil Prices Hit Multi-Year Highs on Supply Concerns and Geopolitical Tensions
- WTI crude oil reached $85 per barrel, highest since October, while Brent topped $88 as energy stocks outperform
- Tensions in Middle East, attacks on Russian refineries, and OPEC+ production cuts driving price gains
- Analysts predict Brent could reach $90-$100 per barrel on tight supply and geopolitical risks
- JPMorgan expects prices to remain near current levels in H2 2023 as demand could drop if prices go much higher
- Energy sector ETF up 14% YTD, outperforming S&P 500's 9% gain, as investors see more room for sector to catch up historically