World crude oil prices hit a 3-month high

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Market information shows that Brent and WTI are currently the highest since April 2024.

The reason is because global supply is scarce, and demand in the US is high.

The price of Brent oil today has a time up to 85.4 USD a barrel.

US crude WTI also touched $81.8 a barrel at times.

This is considered the highest price in the past 3 months, beyond analysts’ expectations.

The United States is currently the world’s largest consumer of crude oil.

OPEC + will meet this week, to make policies on oil prices in the near future.

In June, OPEC + agreed to extend the production reduction until 2024.

Saudi Arabia cuts another 1 million barrels a day in July 2023.

Saudi Arabia announced that it will continue to make production cuts in August and may continue to reduce.

Reuters statistics show that Saudi Arabia, cut only 860,000 barrels a day in July.

The United States released data showing its fuel demand at 20.78 million barrels a day in May – the highest in four years.

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