A barrel of Brent crude oil rose to 100.12 USD on Wednesday, August 31, 2022
The price of oil is rising again this Wednesday, August 31, 2022 on the international market after having recorded a price drop of nearly 6.46% on August 30, 2022.
Very volatile since the beginning of this year, the price of a barrel of Brent or North Sea crude rose to 100.12 USD on the market.
It should be noted that Brent, which has become the leading international North Sea oil pricing standard for October delivery, was down 6.46% on Tuesday August 30, 2022 to trade at $98.32, slipping below the threshold of 100 dollars per barrel.
The barrel of West Texas Intermediate (WTI) is sold at 92 USD this Wednesday, August 31, 2022 after its price fell by 6.44% on the same Tuesday while the September 2022 delivery fell, meanwhile, to 90.76 dollars.
The barrel of Brent or North Sea crude is a variation of crude oil serving as a benchmark in Europe, listed on the Inter Continental Exchange (ICE), a stock exchange specializing in energy trading.
The barrel of West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil serving as a standard in fixing the price of crude oil and raw material for oil futures contracts with Nymex ( New York Mercantile Exchange), the stock exchange specializing in energy.).
According to a research note published on Thursday, August 25, 2022 by Swiss bank UBS, oil prices could rebound to $125 per barrel in the coming months. This, in a context of restricted supply, reduced reserve capacity and low oil stocks.
The study indicates that the current level of production may lead to price increases.
