The global price of oil today, July 11; The price of Brent oil is 85 dollars and 35 cents
reported Mehr News Agency quoted Reuters, oil prices increased in the first trading hours on Monday. Anticipation of a lack of oil supply in the peak season of summer and the decrease in OPEC+ production in the third quarter of this year have been the reasons for the increase in oil prices. But the problems of the world economy and the increase in the production of suppliers who are not members of the OPEC+ alliance will prevent the price from increasing too much.
The price of a barrel of Brent oil in the North Sea today increased by 35 cents equal to 0.41% to 85 dollars and 35 cents. US West Texas Intermediate oil is trading at 37 cents, equivalent to 0.45% increase, to 81 dollars and 91 cents.
Both of these oil indices increased by about 6% in June. Brent oil has been trading above 85 dollars per barrel for the past two weeks after the announcement of the extension of OPEC+ oil production cuts in 2025.
According to the reduction of fuel reserves due to the increase in demand for transportation and cooling devices in the summer season, analysts predict that the world will be short of supply in the third quarter of this year. to encounter oil.
The hope that the US Federal Reserve will lower the interest rate and the increase in geopolitical concerns in Europe and between the Zionist regime and Lebanon’s Hezbollah prevent oil prices from falling.
Some analysts believe that the price of American oil will increase to 85 dollars per barrel. The American Energy Information Administration announced in its monthly report that the production and demand for oil in this country reached the highest figure in the last four months in April.
Traders are investigating the impact of hurricanes on oil and gas production and consumption in the Americas.
The Atlantic hurricane season kicked off with Hurricane Brill on Sunday. The US National Hurricane Center announced that Hurricane Brill has moved towards the Caribbean islands and is expected to bring very high winds and severe flooding on Monday.
In China, the world’s second-largest oil consumer and largest crude oil importer, factory production fell for the second month in a row in June, and service activity fell to the lowest level in the last 5 months. .
