Crude oil prices hit hard after Saudi Arabia’s decision. “We are surprised”

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The situation on the market on Monday was as follows: after 01:00 Polish time, European Brent oil was trading at around $ 121.50 per barrel. The commodity remained above $ 120 for up to an hour. 13:00 and two hours later he passed it again borders. The same goes for the US WTI, which also passed the $ 120 a barrel mark, then slowly began to decline and rise.

Brent crude oil prices Investing.com

WTI Oil Prices Investing.com

What Drives Oil Prices?

Several factors affect oil prices. First of all, these are the Russian war in Ukraine and the EU sanctions against Russia, which they includein. they have put an oil embargo. Another factor is the decision of the world’s largest exporter of this commodity: Saudi Arabia decided to raise oil prices for Asian customers in July.

The sixth EU sanctions package against Russia has entered into force

The official selling price of Arab Light Oil deliveries in Asia in July increased by $ 2.1 a barrel to $ 6.5 since June, compared to Oman / Dubai quotations, he points out. Reuters Agency. The price increase is much greater than most of the market forecasts indicated. There was talk of increases of around $ 1.5 per barrel. “The jump in prices is unexpected, especially in the case of Arab Light. We are surprised by the decision,” an Asian trader in this commodity told the agency.

You can read more about the world on the main page Gazeta.pl

Will fuel prices fall? OPEC will increase production, but the problem of margins remains

The rise in the price of state-owned oil producer Saudi Aramco came despite the OPEC countries’ agreement to increase oil production by 648,000. barrels per day in July and August. The purpose of this agreement is to compensate for the loss of supplies a Russia.

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