One percent increase in the price of oil in the world market

The global energy market is strongly influenced by supply and demand. Therefore, the reports presented in this field affect the price of black gold.

According to the Reuters news agency, the presentation of new economic reports that show positive economic indicators in the United States and China, the first and second largest economies in the world, and at the same time, the decrease in oil supply by OPEC and Russia, caused an increase of one percent. The price of oil became global in today’s transactions.

Accordingly, Brent North Sea oil was traded at 87 dollars and 54 cents per barrel in today’s trading with an increase of 0.6%. US West Texas Intermediate oil also increased by 1% and reached 83 dollars and 88 cents per barrel.

In this way, the price of oil in today’s trading reached its highest level since October 27.

The increase in the price of oil today was largely due to the increase in the growth of the production sector in the United States. China’s production also increased for the first time in the last six months.

On the other hand, new reports about the OPEC organization show that the member countries of this oil cartel have sold 50,000 barrels of oil less in March than in February. Iraq and Nigeria have contributed the most to the decrease in market supply.