Crude oil prices rose again after a few days of lows. On Saturday (September 17), Brent crude oil was sold at 91.35 dollars per barrel in the world market; And the selling price of West Texas Intermediate (WTI) oil was $85.11 per barrel.
However, market analysts expect that the price of oil in the market will decrease again soon.
According to Reuters data, the price of Brent crude oil increased by 51 cents per barrel on Saturday compared to the previous day on Friday (September 16), while the price of WTI oil increased by 1 cent per barrel. As a percentage, the prices of these two types of benchmarks have increased by 2 percent.
According to the report of Reuters, oil supply in the country has decreased due to mechanical unrest in Iran's oil-rich region of Basra. Due to this effect, the price of crude oil increased slightly on Friday. The mechanical problem has already been repaired.
Since the start of the Corona pandemic, oil prices have been rising in the international market. A major reason for the recent downturn in the oil market is the unbridled rise in the value of the dollar.
The crude oil market is almost entirely dollar dependent. Until the start of the Russia-Ukraine war, all international crude oil transactions were done in dollars.
On February 24 this year, the Russian army began military operations in Ukraine. Since then, the Ukraine-Russia war has been going on for more than 6 months.
After the outbreak of the war, however, there was a slight change in the global market. Putin has blocked gas and energy supplies to Europe by imposing sanctions on Russia over its Ukraine offensive. As a result, electricity and energy crisis in Europe.
To save the national economy from Western sanctions, Russia announced international trade transactions in its own currency, the ruble.
Meanwhile, senior US officials have expressed 'disappointment' as the sanctions imposed by the United States have not had a major impact on the Russian economy so far. But they also predicted that the 'hardest impact' of the ban could be visible as early as next year.
As the value of the dollar has risen relentlessly against other world currencies over the past few months, several US and international banks that deal in dollars have raised interest rates to keep it in check. As a result, to save their dollar reserves, many large and small crude oil consumer countries have reduced their oil purchases from the international market.
