Oil adds 2% with Biden in Saudi Arabia
Oil is making gains after a week in which it was mostly trading in negative territory, down more than 7% on Tuesday.
West Texas Intermediate – traded in New York – rose 2.53% to $98.20 a barrel, and Brent de Mar, a standard for European imports, grew 2.59% to $101.67 a barrel.
The value of “black gold” is increasing with increasing expectations that US President Joe Biden’s visit to Saudi Arabia will not result in any announcement regarding the increase in production of this raw material.
On the other hand, Rohan Reddy, an analyst at Global X Management, told Bloomberg that higher-than-expected retail sales data in the US could also give a boost to oil.
“Oil has been volatile, mostly in a downtrend these days due to concerns about the state of the Chinese economy and this week’s high inflation in the United States,” he added.
The day was also marked by an agreement between the Libyan government, the National Oil Corporation and workers to reopen oil exploration and export terminals. This is after production in the country fell by half, amid government disputes and a lack of investment.
Libya is a member of the Organization of Petroleum Exporting Countries (OPEC), and therefore contributes to the production quotas of this organization, at a time when many countries say they do not have a greater capacity to produce oil, which has led to higher prices.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
