Oil prices climb As concerns grow regarding shortage of supplies.
For this Wednesday, June 29, the costs of a barrel of Brent and West Texas Intermediate (WTI) recorded an increase of regarding two percent.
The price of black gold has been affected even as G7 leaders met to explore options for imposing a cost cap on Russian crude exports.
And it is that, the concerns regarding the shortage of supplies are the result of Western sanctions once morest Russia for the invasion of Ukraine, same ones that overcame the fears that a decline in demand will end in an eventual recession.
“Given that almost 1/5 of the world’s oil production capacity today is under some kind of sanction (Iran, Venezuela, Russia), we believe there is no practical way to keep these barrels out of a market that was already exceptionally tight”, express JPMorgan In a note collected by Television newscasts.
In addition to this, large producers such as Saudi Arabia and the United Arab Emirates, they have refused to raise their spare production capacity to compensate for the loss of Russian supply.
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Brent and Texas oil prices today, June 29: How much does it cost and how much is it quoted?
According to the most recent update of Oil Price Charts, famous website with more than 150 international oil indices and blends, For this Wednesday, June 29, the price of a barrel of Brent crude is at $117.71 dollars, while the cost of the US equivalent WTI is at $111.38 dollars.
Oil prices during yesterday, June 28, at approximately the same time (01:00 ET) they were $116.59 dollars a barrel for Brent and $110.75 dollars a barrel for West Texas Intermediate.
