© Reuters Oil prices soar to four-month highs
Proactive Investors – Oil prices have reached a four-month high after rose 1% to US$86.16 per barrel and reached US$81.86.
It comes after data from China revealed it has started to experience an uptick in its factory output and investments, paving the way for a greater demand for energy.
Ricardo Evangelista, senior analyst at ActivTrades, also believes geopolitical tensions are pushing prices higher.
He said: “Ongoing tensions in the Middle East persist as a significant worry, with potential escalations threatening to disrupt crude supply from the Gulf and crucial shipping routes.
“Supply anxieties were exacerbated over the weekend following additional attacks on Russian refineries, resulting in an estimated 7% reduction in the country’s output.”
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