increase in global oil prices; Brent oil was 82 dollars and 25 cents
According to Mehr reporter Quoting from Reuters, the hope of the US Energy Information Administration and OPEC regarding the improvement of global demand for oil has increased its price on Wednesday.
The price of a barrel of Brent North Sea oil increased by 33 cents, equivalent to 0.40%, to 82 dollars and 25 cents today. Texas Intermediate oil West is trading at 42 cents, equivalent to 0.54% increase, to 78 dollars and 32 cents.
The US Energy Information Administration has raised its forecast for global oil demand growth this year to 1.10 million barrels per day, up from 900,000 barrels per day previously. The Organization of Petroleum Exporting Countries (OPEC) has maintained its forecast of high demand due to the expectation of an increase in travel and tourism in the second half of 2024.
Oil prices fell by more than 2 percent last week after OPEC and its allies in the OPEC Plus alliance announced that they would gradually increase production from October.
The American Petroleum Institute announced that the country’s crude oil reserves decreased by 2.428 million barrels in the week ending June 7. This is while it was expected that the reduction of American oil reserves would be equal to one million barrels.
