The company leads the advances of the Ibex 35 with a rise of 4% due to the rise in crude oil and the improvement in the recommendation of Morgan Stanley

MADRID, 1 Sep. (EUROPA PRESS) -

The barrel of Brent crude, a reference for Europe, rose 1.35% during the morning of this Friday before the expectation of more cuts in the oil supply by OPEC and stood at 88 dollars for the first time since August 2022, according to market data consulted by Europa Press.

So far this year, Brent crude has risen just over 2%, although it reached an annual minimum in mid-March at $70.12 a barrel and since the end of June -when it was trading at $71 dollars-, at which time an upward trend began with which it accumulates a revaluation of 21.5%.

The increase in the cost of raw materials meant that Repsol led the progress of the main indicator of the Spanish market, the Ibex 35, with a rise of 4%, to 14.8 euros per share. Likewise, the shares of the Spanish oil company also rise strongly due to the improvement in the recommendation of Morgan Stanley, which has raised its advice from neutral to overweight.

Other large European oil companies also registered considerable increases in the middle tranche of the negotiation: Shell rose 1.8%, TotalEnergies 2.15%, BP 2.8%, Equinor 2.94% and Eni 2. 96%

Morgan Stanley has also highlighted the British BP and the French TotalEnergies as values ​​to follow.

For its part, the price of WTI oil from Texas, a reference for the US market, also rebounded vigorously at noon, 1.4%, to stand at $84.8 a barrel, for which reason it returned to maximums not Viewed from August 2022.