Brent oil prices continued to increase in Tuesday’s transactions, where its price reached $69.10 per barrel, compared to roughly $67.52 per barrel on Monday. This was due to the halt in the attacks on Houthi rebels in Yemen by the Saudi-led coalition.
The rise in Brent prices resulted in a stable trade of oil and an increased demand in markets after the halt of the attack, according to ex-Vice Chairman of the Egyptian General Petroleum Corporation (EGPC) Medhat Youssef in a statement to Daily News Egypt.
He added that Brent prices now are at their highest level for the year, with the increase in demand on crude oil led to the rise of the barrel price.
Youssef expects the price of the barrel will not be lower than $60 within the next few months, as a result of the increase in demand in summer.
On Monday, the American Petroleum Institute (API) announced that crude oil stocks decreased by 1.5m barrels until the end of last week, as a sign of the increased demand on oil in the country.
The US Energy Information Administration (EIA) is expected to announce the official data for the crude oil stocks for last week, among speculations of an increase of 1m barrels.
JPMorgan Chase raised its expectations for oil for the years 2015 and 2016 in light of the improvement in demand, which will result in a lower number of crude oil barrels in the global markets.
JPMorgan Chase stated that the expectations for the average price of the American crude oil are at $55 per barrel for 2015 and $64 per barrel for 2016. On the other hand, the average price for Brent oil will reach $62 per barrel in 2015 and $72 per barrel in 2016.
Brent Crude Futures increased by 2.33% to reach $69.10 on Wednesday.