Jakarta, cartitleloans Indonesia
–
Price
crude oil
The world rose a slightly trading Friday (3/10) after four successive decline sessions.
The current price trend is in the track decline in the sharpest weekly since the end of June.The price falls because the group of oil exporting countries incorporated in OPEC+ plans to increase further production, although there are fears of excess supply.
The price of Brent’s crude oil rose 18 cents or 0.3 percent to US $ 64.29 per barrel.West Texas intermediate US -term crude oil rose 19 cents or 0.3 percent to US $ 60.67 per barrel.
Advertisement
Scroll to Continue with Content
Weekly, the price of Brent oil has plummeted 8.3 percent, while WTI is 7.6 percent or lower.
OPEC+ is likely to agree to increase oil production to 500 thousand barrels per day in November, three times the increase in October.This increase is because Saudi Arabia tried to reclaim the market share.
“If OPEC+ actually announced an increase of 500 thousand barrels per day this weekend, the possibility of an increase is quite large to reduce the price of crude oil back, to the level of support at US $ 58.00, before testing the lowest level this year at US $ 55.00,” Tony Sycamore, an analyst at IG, was quoted as saying by Reuters.
The potential for increasing OPEC+supply, slowing global crude oil refinery due to maintenance, and decreased seasonal demand in the coming months is expected to accelerate the accumulation of oil stock in the US and other countries, according to analysts.
The Energy Information Agency (EIA) said the supply of crude oil, gasoline, and US distillate increased last week because of the activity and demand for refineries.
“Concerns that the closure of the US government will limit economic activity and the start of the Iraqi Kurdish oil exports also burdens the price of crude oil,” Sycamore said.
The finance ministers of the G7 countries said they would take steps to increase pressure on Russia.How, by targeting countries that continue to increase the purchase of Russian oil.
[Gambas: cartitleloans video]
(PTA)
Read More: Emil Audero’s reaction after 2nd clean sheet in Serie A
Read More: Avoid Hypocalemia, Consumption of 8 Drinks Containing Potassium