The global price of oil today, August 13; Brent was 76 dollars and 81 cents
reported%20%0A
The price of a barrel of Brent North Sea oil today decreased to 76 by 2 dollars and 78 cents, equivalent to 3.41%. Dollar and 81 cents arrived. Texas Intermediate oil West also decreased by 2 dollars and 79 cents, equivalent to 3.66%. It is trading at 73 dollars and 52 cents. Both of these oil indices have decreased in price by more than 3 dollars per barrel.
U.S. employment growth was much lower than expected in July, with the unemployment rate at 4.3 percent, raising concerns about a possible recession, and China’s economic data as the biggest. The world’s oil importer as well as market research shows that factory production activity has decreased across Asia, Europe and America, which poses the risk of weak growth of the world economy and affects oil consumption.
Factory output cuts in China have also weighed on prices and added to concerns about demand growth. Imports and refinery activities in China are reported to be less than last year.
Asian crude oil imports in July reached the lowest figure in the last two years, which is mainly due to weak demand in China and India, and in the meantime, OPEC oil production increased in July. The finding is the result of the increase in Saudi supply, which has eliminated the effect of the voluntary production reduction of other members in the OPEC+ alliance.
The Organization of Petroleum Exporting Countries produced 26.70 million barrels of oil per day last month, which is an increase of 100,000 barrels compared to June.
