The price of a barrel of Brent and Texas oil today, July 16: How much does it cost and what is its price?

Oil prices rise by about 2% due to the lack of Saudi oil production, but after a weekly declineInvestors are questioning whether the Organization of the Petroleum Exporting Countries (OPEC) has room to dramatically increase crude oil production.

in the meantime, US President Joe Biden visited Jeddah to demand that Saudi Arabia increase its oil production. However, a US official told Reuters that the United States does not expect Saudi Arabia to increase its oil production immediately and is monitoring the results of the upcoming OPEC + meeting on August 3.

On the other hand, there are concerns that the US Federal Reserve may choose to increase the benchmark rate by 100 basis points It resulted in Brent and West Texas Intermediate losing more than $5 on Thursday below the closing price on February 23, the day before Russia invaded Ukraine.

However, both contracts recovered from losses at the end of the session and continued to rise on Friday.

It may interest you: Twitter sues Elon Musk to force him to buy the company

The price of a barrel of Brent and Texas oil today, July 16: How much does it cost and what is its price?

With the market closed this Saturday, Brent crude futures are trading at $101.16 And an increase of 2.08%, or $2.06 per barrel. secondly, US West Texas Intermediate crude rose $1.81, or 1.89%, and was trading at $97.59.according to OilPrice.com, a popular website with more than 150 indices and oil blends worldwide.

Both benchmarks saw the largest weekly percentage decline in about a monthlargely due to concerns earlier in the week that a looming recession could damage demand.

Brent lost 5.5% In the third weekly decline, while West Texas Intermediate crude fell 6.9% In the fall of the second week.

Leave a Comment