Global oil price today 2025/5/13 Brent reached 64 dollars and 74 cents
Price of North Sea Brent crude oil drops by 22 cents (0.34%) to $64.74 per barrel today.
- International Economic News –
According to a report by the International Economics Department of Webangah News Agency,citing Tasnim News Agency adn Reuters,oil prices fell on Tuesday due to concerns over increased supply. Initial optimism about a halt in the U.S.-China trade war,following tariff reductions by both sides,had previously driven oil prices higher in recent trading sessions.
The price of North Sea Brent crude dropped by 22 cents (0.34%) to $64.74 per barrel today. Simultaneously occurring, U.S. West Texas Intermediate (WTI) crude declined by 18 cents (0.29%), trading at $61.77 per barrel.
Both oil benchmarks had risen by approximately 1.5% on Monday, marking their largest single-day gain as April 28th.
Saudi Arabia’s Oil Giant Profits Plunge Amid Falling prices
Iran’s Oil Production Rises More Than Any Other OPEC Member
The U.S. and China agreed to reduce severe tariffs imposed on each other’s imports for at least 90 days—a decision that boosted Wall Street stocks, the U.S. dollar index, and oil prices.Analysts suggest that while easing trade tensions between China and the U.S is highly beneficial, significant uncertainty remains regarding developments during this 90-day period—factors that could suppress demand for oil.
Markets are also weighing increased supply as a key driver behind weaker oil prices.
The Association of the Petroleum Exporting Countries (OPEC) has raised production beyond expectations since April, with output likely increasing by 411,000 barrels per day in May.
End of Message/13
