The North Sea crude oil, a key benchmark in Europe, closed the session at the Intercontinental Exchange trading 77 cents higher than its previous closing price of .02 on Tuesday.
Brent crude has maintained an upward trend for the fourth consecutive session and is now at its highest level in the last three weeks.
Analyst Fawad Razaqzada stated in his weekly newsletter that this increase in price is supported by “expectations of a short-term supply reduction, which has relegated demand concerns to a secondary position.”
However, Razaqzada cautioned that the potential for further appreciation could be “limited,” considering the plans of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including the Russian Federation, united under the banner of OPEC+, to increase production in May, amid concerns over the repercussions of the trade war instigated by the US.
