Reduction of oil prices in the world market – Mehr news agency RCO News Agency

According to Mehr news agency, quoted by Reuters news agency, the price of oil in the world market witnessed a downward trend once again in the midst of the increase in production by the OPEC+ oil cartel, along with the decrease in demand from China and the United States.

Accordingly, oil Brent The North Sea was traded down 57 cents to $76 and 36 cents per barrel. oil price West Texas intermediate America also decreased by 50 cents to 73 dollars and 5 cents.

This price reduction occurs after 8 producers of the OPEC+ oil cartel Based on program tiny I see They increased their production in October by 180 thousand barrels per day.

On the other hand, economic indicators in China, as the largest importer of black gold, show that the demand of the world’s second largest economy for crude oil has decreased.

Analysts of the energy market say that political factors such as the war in Gaza and Ukraine continue to influence the price of oil in the market. Therefore, the escalation of tensions in the Middle East or the reaching of a peace agreement and the establishment of a ceasefire in Gaza can affect the price of black gold differently.