Crude oil prices reach highest since October as energy stocks lead market

📆 02/04/2024 19:41:00
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US crude futures have gained 20% this year and pushed energy stocks to outperform the market as rising geopolitical tensions and lower supply buoy prices.

The year-to-date rise in oil prices comes amid rising tensions in the Middle East, drone attacks against Russian refineries, and expectations that OPEC+ will maintain its production cuts at least until June.

In March, Morgan Stanley strategist Martijn Rats raised his Brent crude price forecast by $10 per barrel to $90 by the third quarter of this year given "tighter supply/demand balances." Still, Kaneva and the team at JPMorgan expect to see Brent prices trade near current levels into the second half of this year.

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