At the time of trading, the cost of a barrel of North Sea Brent oil fell below $72 a barrel, its lowest level in the last few weeks. Commodity prices were at a similar level last June 13. to witness Data from London site ICE Futures.
By noon, the cost of Brent contracts (forward) delivered in August of this year fell to $71.6 per barrel. However, by 11:49 am Moscow time, prices regained some of the morning dip and reached $71.73. At the same time, the cost of futures contracts for American West Texas Intermediate (WTI) crude on the New York Mercantile Exchange fell 0.67% to $67.25 a barrel, showing a negative trend.
The main reason for such dynamics was the fears of traders and investors about the possible continuation of the increase in key rates by the world’s leading central banks. Currency regulators’ tightening in monetary policy is primarily due to their intention to slow down inflation in Western countries.
June 27, Organization of Petroleum Exporting Countries (OPEC) Secretary General Haytham al-Ghais declarationThe global demand for raw materials could reach 110 million barrels per day by 2045. At the same time, the total demand for energy carriers will increase by 23% by this date.
Former Deputy Prime Minister of Russia Alexander Novak in the openWhen will the country’s oil reserves run out?