Posted 3/19/2024, 9:00:28 AM
Oil Prices Jump Over 4% on Supply Worries and Strong Demand Outlook
- Crude oil prices have risen over 4% recently due to supply concerns and positive economic data indicating robust demand
- Iraq has committed to OPEC+ supply cuts, while Ukrainian attacks are threatening Russian output
- Strong factory output and investment in China suggest potential increased crude demand
- Declining US crude inventories also point to healthy demand from the major consumer
- Higher oil prices could impact industries like paints and tires that rely on crude derivatives