Brent Crude Surpasses $77 per Barrel, Setting New Record Highs in Oil Prices, the London ICE stock Exchange reports.
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.
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