2% jump in the price of oil in the world market

Hopes for an increase in crude oil demand due to the beginning of the travel season in the Northern Hemisphere caused oil prices to rise in today’s transactions.

According to the Reuters news agency, the price of black gold witnessed a 2% jump in today’s energy market transactions. 

Based on this, Brent North Sea crude for September delivery rose by one dollar and 25 cents to $86.25 per barrel. The price of US West Texas Intermediate oil also increased by one dollar and 27 cents to 82 dollars and 81 cents per barrel. 
June was a very good month for the energy market, as both oil indices experienced a 6% growth last month. However, the market is hoping for an increase in demand in July. 
Estimates show that America, as the largest producer and consumer of oil in the world market, has witnessed growth in both production and consumption areas in the last 4 months in April, which shows that the economic indicators in this country are promising. 

The decision of OPEC and its partners (OPEC Plus) to extend the reduction of supply to the market until next year has affected the price of oil in the world market. 

Political factors such as the war in Gaza and the war in Ukraine, due to the lack of a clear horizon for their end, as well as concerns about its expansion to other regions, are still among the potential factors that can seriously affect the market. 

Translator: Abulfazl Hashemi