Oil prices rise once more. The barrel has increased more than 2 percent, recovering most of the falls of the session on Thursday when Brent and West Texas Intermediate fell regarding 3%, ending the month lower for the first time since November.
The rise in the price of crude oil was supported by the supply cuts in Libya and the announcement of the closures in norwaywhich exceeded expectations that a slowdown in the economy following the increase in interest rates might reduce demand.
“We still see risks to prices as skewed to the upside due to tight inventories, limited spare capacity and muted supply response outside of OPEC+”Barclays said in a note, according to Archyde.com.
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Prices of a barrel of Brent and Texas oil today, July 2: how much does it cost and how much is it quoted?
With the market closed, this Saturday, July 2, Brent futures are trading at $111.63 per barrel with an increase of 2.38% or $2.60 dollars. On the other hand, US crude West Texas Intermediate (WTI) was up $2.67, or 2.52%, trading at $108.43in accordance with OilPrice.comrenowned website that has more than 150 oil indices and mixtures worldwide.
According to experts, Crude oil prices are expected to remain in triple digits.
“I don’t think we’re going to see continued downward pressure on oil. I think what we are seeing in the last couple of weeks in the oil market is this sell off as oil has been dragged down by broader market sentiment as we have seen a sell off in stocks etc. It’s a question of risk appetite.”said to Yahoo Finance Matt Smith, Kpler’s Sweet Crude Analysis jefe.
Smith also points to expectations of lower crude oil production from Russia by the end of the year, which would help keep oil prices higher.
