oil prices remain volatile.
On this Thursday, July 14th Brent and West Texas Intermediate (WTI) crude opened in a downtrend, trading below a hundred dollars, Figures we haven’t seen since April of this year.
The downward trend is the result of lower consumption, since Demand has fallen in the three big OECD regions – Europe, North America, and Asia Pacific – due to higher prices.
Additionally, over the past two weeks, Oil prices also fell on fears of a recession.
“clearly, Attention is now turning to the demand side of the oil equation. Yesterday’s weekly report from EIA (Energy Information Administration in United State) Showed a large backlog of product stocks“, Tamas Varga, an analyst at PVM Oil Associates, According to information collected by TV newscasts.
Also, signature Seven Report supported it”The IEA report was generally bearish, especially given the disappointing consumer demand numbers.
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Brent and Texas oil prices today, July 14: How much does it cost and how much does it cost?
According to the latest update of Oil price chartsa popular website with more than 150 indices and global blends of crude oil, On Thursday, July 14th, the price of Brent crude oil was at $97.97, while West Texas Intermediate is trading at $94.80 a barrel.
Prices for yesterday, Wednesday, July 13th, at approximately the same time (12:45 hours ET) They were $98.93 a barrel for Brent crude and $95.61 a barrel for the US equivalent, WTI.