The world price of oil today, August 30; The price trend is downward
reported by Mehr Reporter, the price of oil has decreased in trading on Tuesday. The Zionist regime has accepted the proposal to investigate the disputes that hinder the peace agreement in Gaza, thus the concern about the disruption of supply in the Middle East has calmed down.
Accordingly, the price of a barrel of Brent North Sea oil today decreased by 43 cents, equivalent to 0.55%, to 77 Dollar and 23 cents arrived. The oil West Texas Intermediate also decreased by 46 cents, equivalent to 0.62%, to $73 and 91 cents is traded.
On the other hand, the production in the Al Sharara oil field in Libya has increased up to 85 thousand barrels per day and concerns about The supply of oil has decreased. The National Oil Company of Libya declared an emergency in this oil field on August 7th. The protests stopped the production of 300,000 barrels of oil per day in Al-Sharara field.
In the US, crude oil inventories appear to have fallen by 2.9 million barrels last week.
On the demand front, concerns about China’s economic woes have weighed on oil prices. China’s economic growth slowed down in July, and new home prices fell the fastest in the past 9 years. Industrial production in China has slowed down, export and investment growth has slowed, and unemployment has increased.
In the meantime, investors are waiting for more signs from the US Federal Reserve regarding interest rates.
Most economists and analysts expect the US Federal Reserve to cut interest rates by 25 basis points in the three remaining meetings in 2024.
Cutting interest rates will lower borrowing costs and increase demand for oil in the world’s largest oil consumer. .
