One percent increase in the price of black gold in the world market

The price of oil experienced an increase of more than 1% in today’s transactions in the global market.

The price of crude oil in today’s energy market transactions has witnessed an increase of more than 1 percent due to the adjustment of the strict financial policies of the Federal Reserve (Central Bank of America) and the increase in China’s demand.

According to Reuters, the price of Brent North Sea oil increased by 91 cents to 85 dollars and 9 cents per barrel. US West Texas Intermediate (WTI) crude oil was traded at $81.3 cents per barrel with an increase of one dollar and 29 cents.

The US inflation report released tomorrow is expected to help investors gauge the short-term path of interest rates. A senior market analyst says: “The short-term outlook for crude oil demand will soon become clearer. This week we will find out whether the US is going into recession or we will see an economic boom.”

Since the member countries of OPEC+ have decided to reduce more than one million barrels of oil supply to the market, the price of the two main indices of crude oil in the world shows a growth of more than 7%.

Analysts say that the new step of OPEC+ has caused a jump in the price of crude oil by bringing a shock to the market. It is estimated that the price of crude oil will reach one hundred dollars per barrel in the next few months.

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