The volatility in oil prices raw follows.
in the last few months barrel prices have risen and fallen drasticallysurpassing three figures since the end of February, when The war between Russia and Ukraine began because Moscow has the largest proven reserves of natural gas and is one of the three largest oil producers and exporters in the world.
Being Sunday, markets are closed however, and according to the last close on Friday, July 8, Crude oil prices fell weekly on concerns about a decline in fuel demand, driven by a possible recession.
Despite the collapse in prices, the market continues to show upward trends, as supply shortages could intensify as Western bans continue and the Organization of the Petroleum Exporting Countries (OPEC) has failed to meet production increases.
Prices of a barrel of Brent and Texas oil today, July 10: how much does it cost and how much is it quoted?
According to the last closing of Friday, July 8, of Oil Price Charts, renowned website with more than 150 oil indices and mixtures worldwide, the price for a barrel of Brent crude oil closed at $107.02, up 2.26%, while a barrel of West Texas Intermediate (WTI) crude oil rose 2.01%, trading at $104.79.
According to experts at JPMorgan, it is expected that global producers will have to increase investment to cover Russia-sized supply and replenish the International Energy Agency’s strategic reserves until 2023.