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Why is oil rising again?

Oil prices have gone uphill again, surpassing 90 dollars a barrel. These are the highest levels in 10 months, when oil prices soared – above $120 a barrel – following Russia’s invasion of Ukraine in February 2022. There are now fears of a new inflationary wave in the global economy. economy, after the previous surge in prices in 2022. High demand from large energy-intensive economies such as the US, as well as the decision by Saudi Arabia and Russia to limit supply, are putting great pressure on the stocks of the “black gold”. It is noted that in 2023 the daily global consumption is estimated at 101.8 million barrels, a record level to which the explosive demand from Asia has also contributed. On Tuesday the price of Brent exceeded 95 dollars a barrel recording an increase of more than 25% compared to June. Analysts estimate that the following […]
Source: News Beast

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