REUTERS
Bent futures rose in price by $0.56, to $58.10 a barrel on Thursday, while futures for WTI were up by $0.15, to $48.32, with analysts saying the main factor behind the rise was that April contracts for both benchmarks expire next week, which increases market uncertainty and volatility.
According to analysts, with the expiration of contracts, WTI is experiencing increased pressure to fall, while Brent in contrast will rise.
Brent, according to analysts, is getting more expensive partly due to instability in the Middle East, including Libya, where Islamists have kidnapped nine foreign workers in one of the oil fields.
Meanwhile, U.S. crude oil stocks rose last week for the ninth consecutive week, reaching 80-year record highs for this time of year, according to data from the U.S. Energy Information Administration published on Wednesday, March 11.
Analysts predict that growth in stocks will be retained in view of scheduled maintenance work being carried out at many refineries.