The oil dawn with a slight rise.
prices in barrels of crude oil are still volatile due to various global issues of Economic Situation.
The world supply is adjusted and expect a rebound in fuel demand due to the travel season in the United States, which will start next weekend with the Memorial Day and will end through Labor Day in September.
Increased demand in the United States is expected counter recession concerns and lockdowns in China due to a new coronavirus outbreak.
Likewise, the market is attentive to a possible ban on imports of Russian oil into the European Union. According to the German economics minister, it is likely that said blockade will be agreed “in a matter of days”.
“The oil market is still caught between fears of recession and the consequences of the zero COVID policy in China, on the one hand, and the scarce supply, especially of oil products”, Carsten Fritsch, an analyst at Commerzbankaccording to information collected by Television newscasts.
Prices of a barrel of Brent and Texas oil today, May 24: how much does it cost and how much is it quoted?
According to the most recent closing Oil Price Chartsrecognized website with more than 150 oil indices and mixtures worldwide, Brent crude futures rose 0.42 percent, while US West Texas Intermediate (WTI) futures rose 0.16 percent.
For the morning of this Tuesday, May 24, the price of a barrel of Brent crude oil is $113.88 dollars, while the cost for a barrel of WTI crude oil is $110.43 dollars.