Brent crude breaks the $89 barrier

Arabic and international

Economy News _ Baghdad

Trading data on the stock exchanges indicates that the price of a barrel of Brent crude oil exceeded $89 for the first time in the past seven years.

The price of March futures for Brent crude rose 0.60 percent to $89.03 a barrel, and March futures for WTI crude rose 1.80 percent to $86.36.

As of May last year, “OPEC +” reduced production by 9.7 million barrels per day due to the decrease in oil demand caused by the Corona virus pandemic, and with the stabilization of the situation in the market, the terms of the agreement were modified.

Since August 2021, the parties to the agreement have increased production by 400,000 barrels per day each month, hoping to return to previous levels by the end of September 2022.

On Thursday, statistics on weekly oil inventories are expected in the US. In the week ending January 7, commercial inventories in this country fell to their lowest level since October 2018.

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