The relative stability of oil prices in the world market

The world is now in a position where political conditions are influencing the market ahead of supply and demand conditions. Therefore, it is not surprising that with hopes for the end of conflicts in Eastern Europe and the West Asia, the price of energy is also affected and becomes more stable.

According to the Reuters news agency, oil prices witnessed relative stability in today’s (Tuesday) transactions of the global energy market.

Accordingly, the price of Brent North Sea oil decreased by 12 cents to 86 dollars and 63 cents per barrel. US West Texas Intermediate (WTI) oil was also traded with an increase of 13 cents to $82 and 8 cents per barrel.

Today’s relative stability of the global energy market occurs after yesterday, after Russia’s order to reduce supply to its subsidiaries in the second 3 months of this year in order to meet the obligations under the OPEC+ agreement, it witnessed an increase of 1. It was 6 percent.

Since the beginning of this year, both main oil indices have witnessed an upward trend, so that in 2024, Brent oil will grow by nearly 11% and West Texas Intermediate oil by nearly 12.5% ​​compared to last year. and.

Market analysts say that the expectation for the reduction of bank interest rates by the major economies of the world in the coming summer, as well as the continuation of geopolitical tensions in Eastern Europe and the West Asia, were among the main reasons for the upward trend in the price of black gold in the energy market.

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