Oil prices rose more than 2% in the wake of the Saudi oil production shortage. An American official said Reuters The immediate increase in Saudi oil production is not expected, so investors are questioning whether the Organization of Petroleum Exporting Countries (OPEC) has room to significantly increase crude oil production, a goal that has not been achieved in recent months.
in the meantime, US President Joe Biden is expected to invite Saudi Arabia to increase its oil production on his trip to Jeddah. At the moment, many countries will be aware of the results of the upcoming OPEC meeting.
Prices of a barrel of Brent and Texas oil today, July 15: How much does it cost and how much is pricing?
this friday, Brent crude futures are trading at $101.96 per barrel An increase of 2.89%, or $2.86. secondly, US West Texas Intermediate crude rose $2.84, or 2.97%, and was trading at $98.62.according to OilPrice.com update at 1:05 PM, a popular website with more than 150 indices and oil blends worldwide.
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Although the increase Both benchmarks are on track to achieve the largest weekly percentage decline in about a month, largely due to concerns earlier in the week that a looming recession could damage demand.
Brent crude has fallen significantly below $100 a barrel this week. It is likely to continue to decline as recession fears are unlikely to subside for the time being.” Commerzbank said in a note, according to Reuters.
In addition to recession fears, bearish energy market sentiment also followed New outbreaks of COVID-19 in China, which hampered the recovery of demand.