The price of oil broke a three-year record

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The price of oil broke a three-year record

06.07.2021 News

On the London Stock Exchange ICE oil prices during the evening trading session on July 5 rose by more than 1.3%. In particular, the price of Brent oil rose above $ 77 per barrel for the first time since October 30, 2018.

The price of September futures for Brent North Sea crude oil as of 20:03 Kyiv time rose by 1.31% to $ 77.13 per barrel. The last time a Brent “barrel” costed more than $ 77 at the end of October 2018.

The price of August futures on WTI rose by 1.6% to 76.32 dollars per barrel.

According to Bloomberg, the rise in oil prices is due to differences between OPEC + members. Intensive talks lasting several days ended today, July 5, in Vienna. Their participants failed to overcome the contradictions that arose between Saudi Arabia and the United Arab Emirates (UAE).

In addition, the publication notes, the date of the next meeting has not been agreed. The failure of OPEC + talks means that the alliance will not increase oil production in August, which could cause a market deficit amid the global economic recovery.

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