Global oil decreased; Brent reached 82 dollars and 35 cents
reported by Mehr News Agency quoted by Reuters, the price of oil decreased in the first trading hours of Asia today, Monday. Weak consumer demand in the US and the increase in China’s crude oil production in May, as the world’s largest oil importer, have been among the factors that lowered oil prices.
The price of a barrel of Brent North Sea oil today decreased by 27 cents, equivalent to 0.33%, to 82 dollars and It reached 35 cents. OilWestTexasIntermediate of the United States also decreased by 26 cents, equivalent to 0.33 percent, to 78 Dollars and 19 cents are traded.
The price cut came as surveys showed US consumer optimism about the state of the economy fell to a seven-month low. American households are worried about personal finances and inflation, but both of these oil indexes rose about 4 percent last week, the largest weekly price increase in percentage terms since April, and a sign of strong demand for fuel.
Analysts believe that OPEC+ and the International Energy Agency’s forecast of high demand for oil this year boosted its price last week, and in the meantime, data from the Chinese Bureau of Statistics showed It shows that the country’s crude oil production in May increased by 0.6 percent compared to last year and reached 18.15 million tons.
Since the beginning of this year, China has produced 89.1 million tons of oil, which is 1.8 million tons more than last year. China’s crude oil refining decreased by 1.8% to 60.52 million tons in May. China’s oil refining has reached 301.77 million tons since the beginning of the year, which is 0.3% more than last year.
Industrial production in China was lower than expected in May and the weakness of the housing sector continues. In this way, Beijing is under intense pressure to boost economic growth.
Geopolitically, concerns about the spread of war in the Middle East have increased. The Zionist regime announced that the escalation of fire from Lebanon to the occupied territories will cause a serious escalation of the war.
Markets in the business hubs of Singapore and some other countries in the region are closed on Monday for public holidays.
