The jump in the price of oil in the world market

According to Webangah News quoted by Mehr News Agency According to the Reuters news agency, expectations for the interest rate reduction by the Federal Reserve (Central Bank of America) caused a jump in oil prices in the world market.

Accordingly, the price of black gold witnessed a jump of one and a half percent in energy market transactions.

North Sea Brent oil rose by one dollar and 17 cents to $77 and 22 cents It was traded per barrel. The price of Texas WestIntermediate oil also increased by one dollar and 8 cents to $73. And it reached one cent per barrel.

This jump comes after Federal Reserve officials expect interest rates in the United States to decrease at next month’s meeting.

Federal Reserve had previously increased bank interest rates to control inflation in the United States. A high interest rate, by increasing the cost of borrowing, reduces economic activities and reduces the demand for oil.

Now, analysts hope that with the reduction of interest rates, the United States, as the world’s largest economy, will once again witness economic prosperity and an increase in demand for oil.