The barrel price of Brent North Sea oil rose to $90.43 due to the expectation of a possible decrease in the crude production of OPEC+ countries and the depreciation of the dollar against world currencies; This makes purchasing raw materials more affordable. This was reported to socialbites.ca by BitRiver financial analyst Vladislav Antonov.
“Other factors include moderate growth in the US labor market in August and an increase in jobs. At the same time, the unemployment rate in the country has reached record levels since February 2022. The expert stated that this situation reduces the possibility of Fed’s rate hike in the near future, which in turn has a positive impact on oil prices.
Antonov also noted that the increase in the cost of raw materials was influenced by positive data from China (the PMI index in the PRC industry rose to 51 points in August from 49.2 points in the previous month).
He suggested that the cost of oil could reach $100 per barrel of Brent by the end of the year or before.
On Tuesday, it was learned that Saudi Arabia extended the voluntary cut in oil production, while Russia extended the voluntary cut. export Raw materials until the end of December 2023. Prior to that, Igor Yushkov, a leading analyst at the National Energy Security Fund guess In the near future, Brent’s barrel cost will rise to the 80-90 dollar band. As of 16:19 Moscow time, the price of Brent’s November futures contracts dropped to $90.37.
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