oil prices remain volatile.
The crude starts the day with gains driven by the weakening of the dollar and the shortage of supplies, which has counteracted the fear of a decrease in fuel demand in China due to a new outbreak of covid-19.
american currency fell from its all-time highswhich has made the commodities traded in this currency are more affordable, from gold to oil.
Both Brent and West Texas Intermediate (WTI) recorded their biggest declines since April last weekthis, for the fear of a recession affecting the demand for crude oil.
Currently, the President of the United States, Joe Biden, is located in Saudi Arabiato request an increase in oil production, in order to lower its price and reduce inflation; however, supplies remain tight and everything seems to indicate that OPEC’s main producer it will not commit itself to increasing its production.
Prices of a barrel of Brent and Texas oil today, July 18: how much does it cost and how much is it quoted?
According to the most recent update of Oil Price Charts, renowned website with more than 150 oil indices and mixtures worldwide, For this Monday, July 18, the price for a barrel of Brent crude oil is at $105.84 dollars, while WTI is at $101.94 dollars.
The crude increased regarding four percentsince the price of the same during the closing of the previous week was $101.16 dollars for a barrel of Brent crude and $97.59 dollars for the US equivalent, WTI.