Global oil price today May 9 2025 | Brent reached 63 dollars and 19 cents
The price of Brent crude oil from the North Sea rose by 35 cents, equivalent to 0.56%, reaching $63.19 per barrel today.
According to a report by the International Economics section of Webangah News Agency, citing Tasnim and Reuters, oil prices continued their upward trend today after rising nearly 3% in yesterday’s trading.Trade tensions between the U.S. and China—the world’s largest oil consumers—have eased, while the UK has announced it is nearing a trade deal with the U.S.The price of Brent crude from the North Sea increased by 35 cents (0.56%), settling at $63.19 per barrel. Meanwhile, U.S. West texas Intermediate (WTI) crude also rose by 33 cents (0.55%), trading at $60.24 per barrel.U.S Treasury secretary Scott Bessent is scheduled to meet with China’s top economic official, He Lifeng, in Switzerland on May 10th to resolve trade disputes threatening global oil demand growth.Oil Exports Continue at Highest Levels Despite Sanctions
OPEC+ Agreement to Accelerate Oil Production Increase
Analysts believe that if trade negotiations officially begin between the two countries and both reduce the steep tariffs imposed on each other’s imports, markets will breathe a sigh of relief, adding $2 to $3 per barrel to oil prices.Elsewhere, U.S. President Donald Trump and UK Prime minister Keir Starmer announced that the UK has agreed to lower tariffs on American imports from 5.1% to 1.8%. The U.S.will also reduce tariffs on British cars but maintain a 10% tariff on other goods.
On another front, the Organization of Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ coalition plan to increase production, wich could push oil prices down. OPEC’s oil output declined in April.
Meanwhile, stricter U.S. sanctions against Iran…It could restrict oil supply and drive prices higher.
Sanctions against two small Chinese refineries for purchasing Iranian oil have made it challenging for them to receive crude, forcing them to sell their products under different names.
Simultaneously occurring, Pakistani armed forces carried out multiple attacks on India’s western borders on Thursday and the early hours of Friday. Tensions between these two nuclear-armed nations have escalated. Analysts at Rystad Energy expect both countries to increase their purchases of crude oil and refined products amid rising tensions.
India consumes 5.4 million barrels of oil per day, while Pakistan’s daily consumption stands at 0.25 million barrels.
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