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Saturday, October 24, 2020

World Oil Prices continue to rise

Economy World Oil Prices continue to rise

World Oil Prices have continued to raise amidst tension between Iran and Britain over the capturing British sailors.

According to Oil Producing and Exporting Countries (OPEC) daily bulletin obtained by ZANIS , oil was yesterday trading at $US63.73 per barrel as compared to $US63.87 as
of Monday this week.

On a weekly basis , the prices of oil is higher as compared to the month of January when it was trading at $53.99 , February $US54.47 per barrel .

While on monthly basis, the commodity was trading at $US 50.73 per barrel for January , $US54.45 per barrel for February, $US58.47 for March this year.

The oil prices have sharply increased in the opening month of April as compared to $US 57.2 at the end of last month.

However , Chinese News Agency ( Xinhua) says oil prices today fall as tension between Iran and Britain eased.

Light sweet crude oil for may delivery lost $USI.30 to $US64.4 per barrel on the New York merchantile exchange.

Last month, OPEC indicated that oil market volatility is likely to continue in the coming quarter although the international market remains well supplied with crude
oil.

The organisation stated that indicators showed that oil volatility would continue although the market was adequately supplied with crude oil.

OPEC has however decided to continue closely monitoring market developments to ascertain that oil market stability is achieved and that global economic growth is
sustained.

The organisation made the disclosure at the end of the 144th (Ordinary) Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC)
convened in Vienna, Austria .

Oil Prices on the international market has be fluctuating between the levels of over $50 a barrel and $60 a barrel from December last year to this year march.

ZANIS

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