The price of North Sea Brent crude oil for delivery in December on November 8, 2023, rose by $2.74 or 2.4% to $117.62 per barrel. Additionally, active Brent oil contracts for delivery in January also traded up by $2.78 to $113.58 per barrel.
Increase in WTI crude oil price
WTI crude oil also rose on the same day by $2.18 or 2.1% to $104.18 per barrel. These price increases indicate a growth of about 14% for Brent crude and 15% for American crude oil this month.
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Factors influencing the increase in oil prices
Saxo Bank reported on November 7 that increasing doubts and concerns in the market have significantly impacted prices. According to the bank, even after the end of conflicts, crude oil prices are likely to trade in a higher range between $70 and $90 per barrel. This is while prior to the start of the U.S. and Israeli regime's war against Iran, oil prices were between $60 and $70 per barrel.
Saxo Bank pointed out factors influencing oil prices, citing Middle Eastern conflicts and the need to refill global storage as among these factors. This situation could lead to long-term impacts on global oil supply and demand, placing the market in unpredictable conditions.
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