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The WTI crude oil contract for August delivery was closed, which today increased from $ 0.93 to $ 67.93 per barrel.
The September Month Brent crude was last seen from 0.84 to $ 69.14 to trading.
Citing “Stede Global Economic Outlook and Healthy Market Fundamental”, the Petroleum Exporting Country and Organization of his colleagues, (OPEC+) agreed on 6 July to increase production in August 548,000 barrels per day in August. This is more than the 411,000 BPD hike made for May, June and July.
The alliance is now on track to completely open 2.2 million BPD deductions, about a year before their schedule.
According to Reuters, the group is likely to approve the growth of 5,50,000 BPD for September when they meet again on 3 August.
Saudi Arabia has raised its prices for the main crude grade for buyers in Asia.
Traders say that unlike OPEC+ analysis, demand in China – the world’s top oil importer – has been sluggish and the demand for the summer journey of gasoline in the US is also at least – from at least.
When prices rise, importer such as China and India use their stockpiles and use their imports.
Since high tariffs can slow down global economic activity and reduce the demand for oil and energy, oil traders are more concerned about the comprehensive economic consequences of American tariffs in the coming days rather than OPEC+ output growth.
Today, US President Donald Trump said he plans to levy an additional 10%tax to the BRICS (Brazil, Russia, India, China and South Africa) nations and his colleagues. China has almost signed a deal with the US and India is on the verge of closing one. It is not clear how this new tariff threat will disrupt American trade relations with these countries.
With the time limit of 9 July scheduled by Trump to end in two days, the country is running to finalize a trade agreement with the US.
Investors are waiting for the development of July 9, adding $ 3.3 trillion to the US debt in the backdrop of Trump’s large expenditure and tax law.
On Sunday, Yemen’s Houthi rebels shouted through the Red Sea, attacked and drowned a bulk carrier, magic seas. In response, Israel killed the holy-accepted ports. In addition, the situation of large and large, Middle East is still good between Israel and Iran on 24 June.
Oil and energy supply-and-paron disintegration fear stand for now.
As the interest rate of the expected American Fed will no longer be reduced soon because due to the data of last week’s civilized American jobs, the price of the US dollar can be fixed from progress in trade negotiations after 9 July.
Being a dollar-communal item, crude oil can be priced in this way, the US dollar detects its journey.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
