Price of oil

An increase in sunflower oil prices in Bulgaria is anticipated, but it is not expected to be significant. According to Vladimir Ivanov, chairman of the State Commission for Commodity Exchanges and Markets, any price rise will likely be between 5% and 10%. This expectation comes in light of a weak domestic harvest, which typically influences prices.

The world’s advanced economies may have a new reason to hope for a firmer growth base next year if some of the more bearish forecasts for oil come true.

ExxonMobil predicts that oil demand will be virtually unchanged in 2050 compared to current levels, an estimate that contrasts dramatically with most assumptions of other energy sector players.

The world is likely to have a "major surplus" of oil by 2030 as production is ramped up while the clean energy transition tempers demand, the International Energy Agency said in an annual report published Wednesday.

A recent report by a group of Western insurers has shed light on Russia's ability to circumvent Western oil sanctions, revealing that measures aimed at capping Russian oil prices have proven ineffective and have inadvertently fueled a surge in gray zone activities.

Equities retreated on April 15 after Iran ramped up Middle East tensions by launching a barrage of missiles and drones at Israel over the weekend, fuelling fears of a wider conflict in the volatile region.

However, analysts said there was hope among traders that the crisis could be contained.

That sliver of optimism helped drag oil prices lower.

Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel. This comes amid fears of an Iranian strike on Israel following verbal threats by Iran in response to an Israeli attack on an Iranian diplomatic compound in Syria.

Global food prices rose in March, the first increase since July, pulled higher by cooking oil prices despite the cost of grains continuing to ease, the U.N.'s Food and Agricultural Organization has said.

The FAO's overall Food Price Index climbed 1.1 percent over the month to stand at 118.3 points in March 2024. On an annual comparison it was 7.7 percent lower.

The United States has urged Ukraine to cease its attacks on Russia's energy infrastructure, citing concerns over potential repercussions on global oil prices and retaliatory actions. The call for restraint comes amidst reports of intensified drone strikes targeting refineries, terminals, and storage facilities in western Russia.

In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions. This surge is driven by a series of Ukrainian drone attacks on Russian refineries, reported by Reuters.