Oil price on January 18; Brent was 76 dollars and 23 cents
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The price of a barrel of Brent North Sea oil today decreased by 7 cents equal to 0.09% to 76 dollars and 23 The tradition arrived. Texas Intermediate oil West also decreased by 12 cents, equivalent to 0.16%, to $73 and 44 cents are traded.
Both of these oil indices increased their prices for 5 consecutive days last week and on Friday reached the highest figure since October. The expectation of more fiscal stimulus from the central bank of China has supported the price of oil in order to revive the country’s economy.
Analysts believe that this week’s price drop is the result of weaker global economic data that has dampened their optimism. The increase in the value of the dollar also prevents the strengthening of oil prices.
The instability caused by the increase in tariffs in the Trump administration has kept the dollar value around last week’s peak.
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The rising value of the dollar makes buying oil more expensive for holders of other world currencies.
It is expected that the increase in demand from non-OPEC countries and the weakness of China’s demand will keep the supply of oil to the market at a high level this year and prevent a sharp increase in its price.
