Oil prices are rising as the world fears the problems of China’s economy.
According to the media, oil prices continued to rise on August 30. October Brent crude oil futures rose 29 cents, or 0.34 percent, to $85.78 a barrel.
U.S. West Texas Intermediate crude oil futures rose 37 cents, or 0.46 percent, to $81.53, according to Reuters. According to market sources citing data from the American Petroleum Institute, U.S. crude inventories fell by about 11.5 million barrels in the week ending Aug. 25.
Analysts say a larger-than-expected decline in US oil inventories is a positive signal for the oil market, as it points to stable demand.
Oil prices
As of August 9, 2023, the price of U.S. West Texas Intermediate (WTI) crude oil fell 21 cents, or 0.2 percent, to $82.71.
Oil prices began to fall sharply amid fears over the economic problems of China, the world’s largest importer of fuels.
On August 23, 2023, the price of Brent crude oil on the London ICE Futures Exchange fell $1.11 (1.32%) to $82.92 a barrel. October WTI e-commerce futures on the New York Mercantile Exchange (NYMEX) fell $1.12, or 1.41 percent, to $78.52 a barrel over the same period.
On August 24, 2023, oil prices stabilized after previous declines due to disappointing economic data from major economies.
Sanctions against Russian oil
After the EU suspended imports of Russian oil in December 2022, Turkey, India and China remained the main recipients of Russian oil products. Recently, the Russian oil company Rosneft entered into an agreement with the Indian Oil Company to “significantly increase oil supply to India”.
About 70 tankers of Russian oil enter Indian ports every month. And after processing, part of it – in the form of petrol and diesel – goes to the European markets.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
