Oil prices witnessed a rise during trading today, Monday, March 25, 2024, in an attempt to compensate for the losses incurred at the end of last week. This increase comes supported by fears of a decline in global supplies, with the escalation of conflicts in the Middle East and between Russia and Ukraine. The decline in the number of American drilling rigs also played a role in supporting the upward trend in crude prices.

By 08:06 AM GMT, futures prices for standard Brent crude, for delivery in May 2024, rose by 0.46%, reaching $85.83 per barrel. At the same time, futures prices for US West Texas Intermediate crude, for delivery in May 2024, increased by 0.48%, reaching $81.02.

Experts expect oil prices to remain at the current range between $81 and $85 in the second quarter of 2024. Given the geopolitical and economic conditions in East Asia, especially in China. The two benchmarks (Brent and West Texas Intermediate) fell less than 1% last week compared to the previous week. The rise in the US dollar suppressed oil prices.