The price of a barrel of Brent and Texas oil today, July 29: How much does it cost and what is its price?

Oil prices rose more than 2% At the start of Friday’s session, backed by expectations that the Organization of the Petroleum Exporting Countries (OPEC +) and its allies (OPEC +) will not increase supplies as previously planned.

As the session progressed, oil pared some gains after the release of data from oil services company Baker Hughes, which showed that diggers United State Crude oil rigs added to a record 23 months in a row, promising more supplies ahead.

According to Baker Hughes data, the number of gas rigs drilling in the United States increased by 2 to 157 in the week ending July 29, while the number of oil-guided rigs increased by 6 to 605, it reported. Reuters.

The price of a barrel of Brent and Texas oil today, July 29: How much does it cost and what is its price?

This Friday, at 1:39 p.m. ET, Brent crude futures are trading at $109.96 per barrel An increase of 2.63%, or $2.82. secondly, US West Texas Intermediate crude rose $2.33, or 2.42 percent, and was trading at $98.75.according to OilPrice.com, a popular website with more than 150 indices and oil blends worldwide.

It may interest you: Fed rate hike: how it affects me and its consequences

Both decades are heading for a weekly high, but they’re also on track to second monthly losswith Brent down 4% in July, and WTI down 6%.

Meanwhile, investors will be watching the upcoming OPEC meeting on August 3. according to ReutersSome OPEC+ sources said the organization would consider keeping oil production unchanged for September, while two other sources said a modest increase would be discussed.

Currently, a difficult future is seen in terms of increased production, as some producing countries struggle to meet their production quotas.

Leave a Comment