Decrease in the price of oil in the world market

Decreasing concerns about the fierce storm Beryl and hopes for a ceasefire in Gaza caused the price of oil to drop in the world market.

According to the Reuters news agency, the price of black gold in today’s transactions of the global market witnessed a decrease of one percent. 

Accordingly, North Sea Brent oil was traded down 79 cents to $85 and 75 cents per barrel. The price of West Texas Intermediate oil also decreased by 83 cents to 82 dollars and 33 cents per barrel. 

Analysts say that the decrease in the intensity of Hurricane Beryl after reaching the Gulf of Mexico and the lack of impact of this storm on oil extraction from this region gave hope for the continued supply of crude oil to the market. This issue helped to reduce the price of oil in today’s transactions. 

On the other hand, the acceptance of the peace plan of the Biden administration by Hamas and the hopes for the resumption of negotiations between the parties in order to establish a ceasefire in Gaza will reduce inflammation in the West Asia and worries about the spread of war in the region and its impact on supply. reduced oil. 

Reuters news agency says in its analysis: Now analysts in the market are looking at the effects of the elections in Iran, France, and England on the oil market. Political changes and decreasing or increasing tensions can directly affect the market. 

Translator: Abulfazl Hashemi