Oil Prices Rise Again

Oil Prices Rise Again

With the concerns of re-emerging in the economy, which has deteriorated in almost all of the world, and the effect of the increase in stocks, oil prices, which have experienced a rapid decline, have turned up again by reversing the direction. The barrel price of Brent oil, which has decreased to 37.2 dollars in the morning as of today in the world oil markets, has recovered and settled to $ 39 level. This sharp decline in oil prices started when the United States Energy Information Management (EIA) announced that crude oil stocks in the United States were up 5.7 million barrels last week, reaching 538.1 million barrels. The report, which was conveyed following the meeting held by the Federal Reserve Market Committee of the United States of America (FOMC), also contributed to the decline that the world's economy, which has the most oil consumption, will take much time to recover. Despite these events, the Organization of the Oil Exporting Countries (OPEC) and the OPEC + group, which includes Russia and other oil producing countries, decided to maintain a total production cut of 9.7 million barrels per day by the end of July. With this news, the barrel price of Brent oil for August delivery rose by 0.49 percent to $ 38.75, while the barrel price of West Texas light oil for July delivery rose by 0.41 percent to $ 36.49.