oil prices remain volatile.
In the last six months, costs per barrel have been rising and falling dramatically, topping triple figures since the end of Februarywhen the war between Russia and Ukraine began, since the nation led by Vladimir Putin It is one of the largest oil producers in the world and the blockades on Moscow have led to problems with supply and increased prices.
Being Sunday, the markets remain closed, however, and according to the last settlement on Friday, July 1, the price of crude oil registered an increase of more than two percentrecovering most of the falls from the previous day’s session, Thursday, June 30.
In addition to the war between Russia and Ukraine, the volatility of crude oil is also the result of the aggressive increases in interest rates by the United States Federal Reserve (Fed) and other world banks.
The aggressive increase in interest rates comes as response to high rates of inflation and while these increases may work to stabilize prices, Fears of a global economic recession are growing.
Prices of a barrel of Brent and Texas oil today, July 3: how much does it cost and how much is it quoted?
According to the last close of Friday, July 1, Oil Price Chartswebsite with over 150 crude oil indices and blends from around the world, the price of a barrel of Brent crude oil closed at $111.63 dollars, while West Texas Intermediate (WTI) at $108.43 dollars per barrel.
According to experts on the subject, Crude oil prices are expected to remain in triple figures until the end of the year.
“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. (…) It’s a matter of risk appetite”, said Matt Smith, head of Sweet Crude Analysis of Kpler for Yahoo Finance.
