2023-08-27 03:20:23
Oil prices have risen once more in the global market. Crude oil prices have been rising following months. Oil prices rose as oil-producing countries cut production and exports. According to the latest figures, crude oil has risen as high as $86 per barrel. Brent crude oil rose to $85.55 and intermediate crude oil went up to $82.05.
The decrease in exports from producer countries such as Saudi Arabia and Russia led to the increase in prices. With this, the demand for crude oil has also increased. Following this, Chinese companies have cut back on stock-taking. This led to a decrease in oil exports, including from Saudi Arabia. Saudi Arabia’s oil exports to China fell by 31 percent in July compared to June. China continues to import oil from Russia at low prices with the Russia-China agreement in place.
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