Sunday arrived and, although the energy markets do not operate today, It doesn’t hurt to stay on top of the latest fluctuations around the price of oil.
the black gold closed the day with an upward trend after recovering part of the losses of the week. The slight gain in oil prices is result of the solid employment data in the American Union, in relation to last July.
Despite the profits oil closed the week at one of its lowest levels since February, that was when prices skyrocketed due to Russia’s invasion of Ukraine as Moscow is one of the main producers and exporters of oil globally.
Likewise, the general fall in prices – compared to February – is supported by the impact of inflation and the fear of a possible recession, which would eventually cause a drop in fuel demand. However, there are signs of tight supply, which could cause the price to rise again.
Prices of a barrel of Brent and Texas oil today, August 7: how much does it cost and how much is it quoted?
According to the latest update of Oil Price Charts, famous website with more than 150 oil indices worldwide, with the market closed, for this Sunday, August 7, a barrel of Brent crude oil is at $94.92 dollars, while the US equivalent, West Texas Intermediate (WTI, for its acronym in English) is at $89.01 dollars.
According to figures presented a day earlier, Brent rose 0.85 percent, or $0.80, while WTI rose 0.53 percent, equivalent to $0.47, approaching the near lows recorded before the war between Russia and Ukraine.