The price of oil today, January 1st; Brent growth of 6 cents
reported by Mehr News Agency quoted Reuters, the price of a barrel of Brent North Sea oil today increased by 6 cents equal to 0.08% to 72 dollars and It reached 94 cents. Texas Intermediate oil West also increased by 8 cents equal to 0.12% to $69 and 46 cents are traded.
Both of these oil indices decreased by 2.5% in the last week. The dollar index, which reached the highest value in the last 2 years, has decreased slightly, but is on the verge of its third consecutive weekly increase. The US Federal Reserve has lowered the interest rate at this month’s meeting, but has changed its approach to the interest rate for next year.
The fall in the value of the dollar makes it cheaper for holders of other world currencies to buy oil, and the decrease in interest rates increases the demand for it.
China’s state-owned oil company Sinopec announced in its annual energy outlook on Thursday that due to weak demand for gasoline and Diesel, the country’s crude oil import will peak in 2025 and its oil consumption will peak in 2027.
Analysts believe that the OPEC+ alliance should change its supply policies in order to raise prices and calm market instability.
The OPEC+ alliance, which consists of the Organization of the Petroleum Exporting Countries and its allies, has recently lowered its forecast for demand growth this year for the fifth month in a row.
Investment bank JP Morgan predicts the oil market from stable conditions in 2024 to 1.2 million barrels of oversupply in 2025. reach This bank estimates that the supply of non-OPEC+ countries will increase by 1.8 million barrels next year and that OPEC production will remain at the current level.
The member countries of the Group of 7 are seeking to intensify the sanctions against Russian oil and to tighten the price ceiling of this country’s oil.
