June 7, 2023

The Queens County Citizen

Complete Canadian News World

Brent is 10 months old

Brent is 10 months old

Courses of Oil It began on Tuesday, January 5, following a surprise decision by Saudi Arabia to unilaterally cut production by one million barrels per day in February and March.

It was the day Riyadh announced the decision, following a 5.63% rise on Tuesday, just after the end of the coalition meeting Opep + It decided to slightly increase production to 75,000 barrels per day, with Brent Barrel moving forward from the North Sea, the benchmark of the Algerian Sahara Blend.

The next day it rose 1.14% to 54.12 and on Thursday it rose 0.5% to close at $ 54.39. This Friday, he crossed the $ 55 mark after crossing $ 56 in the session. This is the highest level since the end of February 2020.

At 9:30 p.m., it was listed at $ 56, almost 3% since it closed on Thursday, the highest level in ten months, and before the Kovid-19 pandemic spread worldwide. It recorded its fourth consecutive growth session. In the previous five sessions, the increase was significant to 14.85% (+ 8.05%) in one month. As of December 31, it had risen more than 8%, but its level was much higher than a year earlier (-18.22%).

The decision was welcomed by Algerian Energy Minister Abdelmadzid Attar Saudi Arabia To reduce its production. On Monday, he predicted that oil prices would exceed at least $ 50 in the first six months of 2021, while US Bank Goldman Sachs Brent barrel is finally expected to be at $ 65. This year.