Due to the weaker currency and worries about supplies raised by the Saudi Energy Minister, oil prices increased today, Tuesday, after falling by more than $1 a barrel earlier in the session.
After settlement, Brent crude prices increased by 26 cents to $ 93.52 per barrel while US West Texas Intermediate crude futures increased by 74 cents to $ 85.32.
The price of oil-based fuel decreased for holders of foreign currencies during the afternoon transactions as a result of the US dollar index falling, which contributed to price increases.
The claims made by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman that some nations utilise their strategic oil reserves as a market to manipulate markets received additional confirmation.
“It is my duty to make it clear that the loss of emergency stocks may be painful in the coming months,” the minister said in a speech to the Future Investment Initiative conference in Riyadh.
According to Fateh Birol, director of the International Energy Agency, the world is currently experiencing “the first serious global energy crisis” due to a lack of supplies in the markets for liquefied natural gas and lower production by major oil companies.
”
The International Energy Agency and Riyadh’s statements, according to Price Futures Group analyst Phil Flynn, “remind us that the energy crisis has not yet finished, and there are still concerns about the market’s lack of supplies.” ”
Today, oil gains have unified signs of uncertainty about economic activity in the United States and China, the largest oil consumers in the world..
With the dollar’s drop and Brent at $ 93.52, oil prices are rising.
About Author
