Oil price hike Concerns are also growing about Lack of supplies.
For this Wednesday, June 29, the cost of a barrel of Brent and West Texas Intermediate (WTI) crude. recorded an increase of about two percent.
Affected by the price of black gold Even as G7 leaders met to explore options for imposing a cost cap on Russia’s crude exports.
This is why concerns about supply shortages are the result of Western sanctions against Russia for invading Ukraine, The same ones that overcame fears That lower demand would end in a possible recession.
Given that nearly a fifth of the world’s oil production capacity today is subject to some kind of sanctions (Iran, Venezuela, and Russia), We believe there is no practical way to keep these barrels out of the market that were already exceptionally tight“, expression JP Morgan In a note I collected TV newscasts.
In addition, major producers such as Saudi Arabia and the United Arab Emirates, They refused to increase their excess production capacity to make up for the loss of Russian supplies.
You may also be interested in: Immigrants found in a truck in Texas sprayed with meat seasoning
Brent and Texas oil prices today, June 29: How much does it cost and how much does it cost?
According to the latest update of oil price charts, A famous site that contains more than 150 indicators and global oil blends, The price of a barrel of Brent crude on Wednesday, June 29, is $117.71, while the cost of WTI US equivalent crude is $111.38.
Oil prices yesterday, June 28, around the same time (0:00 ET) Their prices reached $116.59 per barrel for Brent and $110.75 per barrel for West Texas Intermediate.