Brent Crude Surpasses $77 per Barrel, Setting New Record Highs in Oil Prices, the London ICE stock Exchange reports.
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Data from the ICE London exchange reveals that global oil prices have reached unprecedented levels, with Brent crude futures surging to $77.13 per barrel, a milestone not seen since June 8.
During the current trading session, the price of oil has experienced a 1.31% increase. However, later in the day, there was a significant downturn in quotes. August futures for Brent crude dropped below $75 per barrel, while WTI crude oil initially rose to $72.3 per barrel before experiencing a sudden decline to $69.9 per barrel.
According to analysts from BCS mir Investments, oil prices are being influenced by two conflicting factors. On one hand, there is a decrease in prices due to sluggish growth in fuel demand, directly associated with China's slower-than-anticipated economic recovery. On the other hand, prices are rising due to supply limitations imposed by OPEC+ member countries.
In late May, concerns about the absence of further oil production cuts by OPEC+ led to a sharp decline in the Brent price, which fell to $72 per barrel. The price decline was also fueled by disappointing economic data from China.