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Posted on: Monday, July 18, 2022 – 9:14 AM | Last update: Monday, July 18, 2022 – 9:14 am
Oil futures prices started the new week’s trading on Monday with a rise, after a significant decline last week, as traders evaluate the results of US President Joe Biden’s visit to Saudi Arabia last Friday and Saturday, and his failure to obtain an explicit commitment from Saudi Arabia to increase its oil production.
West Texas Intermediate crude, the benchmark for US oil, was trading this morning at about $99 a barrel, after falling last week by about 7% on the back of fears of a decline in global energy demand due to the global economic slowdown, with the dollar rising to record levels, according to Bloomberg Agency. for news.
While the US energy envoy, Amos Hochstein, affirmed his confidence that the Gulf countries will increase their oil production after Biden’s visit to Saudi Arabia, the energy ministers of these countries stressed that any decision in this regard should be made within the framework of the OPEC Plus grouping of oil-producing countries, which includes Russia.
The price of West Texas Intermediate crude, as of seven in the morning, New York time, rose by 1.1 percent to $98.67 a barrel for delivery next August, while the global benchmark Brent crude price rose by 1.2 percent to $102.41 a barrel for delivery next September, after its decline in Earlier today, it increased by 1.8 percent.