The global price of oil today, December 12, Brent was 72 dollars and 31 cents
According to Mehr News Agency to According to Reuters, the price of oil increased on Monday. The increase in factory activity in China as the world’s second largest oil consumer and the resumption of attacks by the Zionist regime on Lebanon despite the ceasefire agreement have supported the price of oil.
The price of a barrel of Brent North Sea oil increased by 47 cents, equivalent to 0.65%, to 72 dollars and 31 cents today. Texas Intermediate oil West is traded at 44 cents, equivalent to 0.65% increase, to 68 dollars and 44 cents.
An official survey showed factory activity in China rose for the second month in a row in November. It seems that China’s economic stimulus has been effective in a situation where Donald Trump has intensified his threats to increase tariffs.
The ceasefire agreement between the Zionist regime and Lebanon came into effect on Wednesday last week, but both sides accuse each other of violating the ceasefire.
Lebanon’s health minister announced in a statement that several people were injured in the attacks of the Zionist regime on southern Lebanon. The air attack on Syria has also increased to deal with the terrorists who have entered the cities of this country.
The cease-fire agreement between the Zionist regime and Lebanon reduced the concern about endangering the supply of oil and caused both of these oil indices to decrease in price by more than 3% last week. The forecast of excess supply in 2025, despite the possibility of continuing the OPEC+ production reduction plan, was one of the reasons for the drop in oil prices last week.
The Organization of the Petroleum Exporting Countries and its allies in the OPEC+ alliance have postponed their meeting until December 5th and are likely to stop the production increase plan that was supposed to start in January. OPEC+ will decide on the production policy in early 2025.
The average price of Brent oil is expected to be $74.53 per barrel in 2025 due to the impact of the weak Chinese economy on demand and oversupply.
