The unstoppable rise in oil prices… WTI also exceeds $90 per barrel
Exceeded $90 per barrel… 10 months since November last year
Brent crude oil price $93.70… Another record high this year
[앵커]
International oil prices continue to rise.
As concerns about crude oil supply disruptions grow, the price of West Texas crude oil, which is an indicator of crude oil prices in the U.S. following Brent crude oil, also exceeded $90 per barrel.
Reporter Choi Young-joo reports.
[기자]
International oil prices are rising every day.
At the New York Mercantile Exchange on the 14th local time, the price of West Texas Intermediate crude oil for delivery in October ended trading at $90.16 per barrel, up $1.64 from the previous day.
It has been 10 months since November last year that oil prices exceeded $90 per barrel.
The price of Brent crude oil for delivery in November also rose by $1.82 to $93.70 per barrel, breaking another record this year.
The recent continued rise in oil prices is due to the announcement by Saudi Arabia and Russia of extending production cuts.
Concerns have grown as Saudi Arabia voluntarily reduced production by 1 million barrels per day and Russia extended its cut in crude oil exports by 300,000 barrels per day until the end of this year.
Concerns over supply disruptions have grown further as the U.S. Energy Information Administration (EIA) reports that crude oil inventories are expected to decline due to a slowdown in global crude oil supply.
Also, the occurrence of major floods in Libya, a member of the Organization of Petroleum Exporting Countries and OPEC, was also a negative factor.
This is because the scale of flood damage in Libya, which produces about 1 million barrels of crude oil per day on average, was expected to cause disruption in crude oil exports.
Experts believe that oil prices will continue to rise for the time being as OPEC oil producing countries continue to suppress production and exports.
Some on Wall Street predict that oil prices will reach $100 per barrel by the end of the year.
Amid this unstoppable rise in international oil prices, inflation in the United States is showing signs of rising again.
The US August Consumer Price Index (CPI) released the previous day rose 3.7% compared to the same month last year, exceeding market expectations (3.6%).
This is the largest increase in 14 months since June of last year.
As the continued rise in oil prices pushes up prices again, attention is being paid to whether the U.S. Federal Reserve will again tighten the reins at its monetary policy meeting scheduled for next week.
This is Youngju Choi of YTN.
Video editing; Lim Hyeon-cheol
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2023-09-15 12:44:00
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