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Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

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The price of Brent returned to the level of $80 per barrel

June, 07 2024
watermark Economic news

Oil quotes increased their growth on Friday afternoon, continuing the upward trend of yesterday. The current price of Brent oil is $80.30 per barrel, North American WTI oil is trading near $76.20. 


In the previous session, Brent rose in price by 1.9%, and WTI – by 2%. However, both brands end the week with a negative result due to OPEC+'s decision to gradually lift additional production restrictions starting in October this year.


Last weekend, OPEC+ participants extended the current production quotas for the whole of next year, maintaining additional restrictions in the amount of 2.2 million barrels per day until the end of September, and then plan to gradually remove them.


Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman called the last OPEC+ meeting one of the most successful, and OPEC Secretary General Haissam al-Gais expressed optimism about maintaining high demand for oil in the world.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.