After registering a downward trend, oil price rises once more as investors weigh the decline in demand for fuel in Chinaderived from the confinement in Shanghai due to a new outbreak of coronavirus, as well as the reduction of Russian supplies.
According to the United States Energy Information Administration, Crude stocks rose by 692,000 barrels over the past week, putting the figures below expectations.
As for the new lockdown in Shanghai, the situation has led to the closure of factorieswhich has disrupted supply chains and caused uncertainty regarding the country’s economic growth rises.
“Fears of weak economic growth have pushed the dollar to highs not seen since March 2020, equity markets are lukewarm at best, Chinese restrictions have not been erased from investors’ minds and this has limited crude’s gains”, said the analyst PVM Oil, Tamas Varga, according to information collected by Television newscasts.
Prices of a barrel of Brent and Texas oil today, April 28: How much does it cost and how much is it quoted?
According to the most recent update of Oil Price Chartsrecognized website with more than 150 oil indices and mixtures worldwide, For the followingnoon of this Thursday, April 28, the price of a barrel of Brent crude oil is $106.91 dollars, while the cost for West Texas Intermediate (WTI) crude oil stands at $104.45 Dollars.
The increase was more than two percent, since prices per barrel for Brent and WTI for yesterday, At regarding the same time, they were $104.54 and $101.13 dollars, respectively.
