Showing posts from July 9, 2023

Rising oil prices in light of falling demand: is it sustainable?

  Russian - EU oil trade - restrictions The price of crude oil rose this week, having come out of the static loop that it has been in for weeks.  As of 09.30 GMT on Friday, the prices of WTI and Brent stood at $76.76 and $81.28 respectively. The price of LNG, liquified natural gas, meanwhile, was at $2.55. Oil price in July The rise in price of crude oil defied two major developments : the IEA, International Energy Agency, downgraded the forecast of demand growth of oil for the first time this year; moreover, the US crude inventories rose substantially during the past week; both signaled that economic concerns still swirl around the markets despite conflicting forecasts by major global financial institutions such as the IMF and World Bank. US crude oil inventories - EIA The prices of oil rose as if Saudi Arabia and Russia got their way with their corresponding, substantial production cuts. Analysts , however,  think it is far too early to link the two, given many other developments on

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