The price of oil rose above 89 dollars

According to the Fars International Economic Group, quoted by Reuters, statistics show that the more than expected drop in US crude oil last week on concerns about a reduction in fuel demand from China amid tightening restrictions. Corona has overcome, from this side Oil prices increased in today’s transactions.

Brent oil rose 89 cents to $89.25 a barrel and crude oil traded up 71 cents to $81.66 a barrel.

Both oil benchmarks rose about 1 percent in Tuesday’s trade as the UAE, Kuwait, Iraq and Algeria underscored Saudi Arabia’s energy minister’s statement that OPEC and its allies were not considering raising output at the group’s next meeting on Dec. 4. they did

According to market sources, the statistics American Petroleum showed, US oil reserves in the week ending 18 November It fell by about 4.8 million barrels.

Analysts had told Reuters they expected a 1.1 million barrel drop in oil inventories.

Reserves of oil products, including heating oil and jet fuel, increased by about 1.1 million barrels. This is while analysts were expecting a decrease of 600 thousand barrels.

At the same time, uncertainty about how Russia will respond to the plans of the Group of Seven (G7) countries to set a price ceiling for this country’s oil is another factor in the increase in oil prices.

A senior official of the US Treasury announced that the price ceiling will be announced soon and probably several times a year determination will be.

Stephen inesThe market analyst said: “Traders are closely monitoring Russia’s exports and are looking to see to what extent it will reduce its foreign sales in retaliation, and this will be an increasing factor for oil prices.”

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