The global price of oil today, October 6; Brent was 71 dollars and 45 cents

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The price of a barrel of Brent North Sea oil today decreased by 15 cents equal to 0.21% to 71 dollars and 45 cents. US West Texas Intermediate crude is trading at $67 and 54 cents, down by 13 cents, equivalent to 0.19%.

Brent oil has lost about 4.6% and US oil 6.6% of its value over the past week.

In addition, the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ alliance are currently cutting production by 5.86 million barrels per day. But they plan to increase their production by 180,000 barrels per day in September.

Some media have reported that Saudi Arabia abandoned the $100 oil goal to regain market share and caused a 3% drop in oil prices last day.

Arabia has repeatedly said it has no clear target for oil prices, and many OPEC sources say its decision to increase production in December does not signal any significant change in current policy.

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All these events show that the oil markets are cautious about the global balance in 2025 and the future actions of OPEC+.