Monday 31 July 2023 | Source: ABM Financial News
(ABM FN-Dow Jones) The price of a barrel of crude oil closed on Monday at its highest level in three months. On a monthly basis, oil prices closed about 16 percent higher.
The market is supported by diminishing fears of a global economic slowdown, with tightening global inventories also providing additional support. Another supportive factor is the expectation that Saudi Arabia will extend voluntary production cuts until September, further tightening global supply.
On Monday, additional support came from a monthly EIA report on US oil production. Production declined slightly for the second consecutive month, to 12.662 million barrels per day in May versus 12.677 million barrels per day in April.
In March, US oil production reached 12,770 million barrels per day, the highest number since the start of the pandemic. This was only about 200,000 barrels per day below the record 13 million barrels per day in November 2019.
September futures for a barrel of West Texas Intermediate crude closed 1.5 percent higher on Monday at $81.80 on the New York Mercantile Exchange.
Bron: ABM Financial News
2023-07-31 19:11:44
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