Home Business Crude oil prices turn 0.22% higher in response to US economic recovery – Businesstoday

Crude oil prices turn 0.22% higher in response to US economic recovery – Businesstoday

by news dir

World crude oil prices rose 0.16-0.22% from US retail sales last month. June, which raised against analysts’ forecasts. OPEC Plus expects 65 oil demand to rise to the same level as before the coronavirus. But the COVID-19 outbreak, the rising US crude oil supplies will depress the price direction.

The price of foreign crude oil as of July 19, 1964 has been changed according to the reference type as follows:

• West Texas (WTI) was $71.81/barrel, up $0.16, or 0.22%.

• Brent was at $73.59/barrel, up $0.12, or 0.16%.

Thai Oil Public Company Limited revealed that crude oil prices increased. after the US economic numbers improved This is a factor that helps support oil demand to recover. U.S. retail sales rose 0.6 percent in June, contrary to analysts’ forecast of a 0.4 percent drop and 1.7 percent the previous month.

OPEC also forecasts oil demand to improve in 2022 to pre-COVID-19 levels of around 100 million barrels per day. This was led by oil demand growth in the US, China and India.

However, oil demand is still under pressure. from the number of people infected with COVID-19 that continues to increase especially from the epidemic of delta species. As a result, the city of Los Angeles has re-enforced the wearing of masks inside the buildings again, effective July 17, 64 after a patient with Covid-19. increase rapidly

In addition to the baker company Hughes reported the weekly volume of US crude oil rigs ending July 16, 20, to 380, the highest level since April.

Read: Dow tumbles 299.17 points amid devastating Delta coronavirus outbreak in US

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