World oil prices rose to $71.97, reaching their highest level in seven months.
Brent and WTI crude oil prices both rose 0.7% in trading on February 24, reaching their highest levels since August last year, influenced by geopolitical factors.
World oil prices recorded a consensus upward trend in Tuesday's trading session (February 24), approaching their highest level in the past seven months. This increase reflects market expectations regarding future supply risks.
Brent and WTI oil price movements on February 24th.
Specifically, Brent crude oil prices rose by 48 cents, or 0.7%, to $71.97 per barrel. This is the highest trading price for this type of oil since July 31st last year. Following the same trend, West Texas Intermediate (WTI) crude oil futures also increased by 45 cents, or 0.7%, to $66.76 per barrel, marking the highest level since August 1st.
Geopolitical factors are driving the upward trend.
According to Priyanka Sachdeva, senior market analyst at Phillip Nova, geopolitical factors are the key driver of oil prices at this stage. She emphasizes that the current upward trend is primarily driven by investor sentiment and predictions of disruption risks, rather than a real supply shortage in the global market.
Technical analysis and support/pillar levels
Technically, WTI crude oil is showing an upward trend in the short term. Currently, US crude oil prices remain above the 20-day moving average. Market data indicates that the $63.90/barrel level is acting as a crucial short-term support level, helping to maintain the upward momentum of this commodity against corrective pressures.
