Oil Price: will $60 price cap bring about a buyer-apathy?
WTI and Brent Price on 21 July 2023 The price of Brent crude oil went up above the market-sensitive threshold, $80 a barrel on Friday, having fluctuated just below the value during the week. As of 18:00 GMT, the prices of WTI and Brent were $77.07 and $81.07 respectively. The price of LNG, liquified natural gas, meanwhile was at $2.71. Initially, the production cuts announced by Saudi Arabia and Russia that amount to 1.5 million bpd - barrel per day - that is about 1.5% of the global production appeared to be the cause for rise in prices, purely on sentimental grounds. WTI price fluctuation on weekly basis There is, however, more to it than meets the eye. The Russian factor that dominated the crude oil supply for the past year, for instance, does not seem to be favorable to those who used to cash in on deep discounts any more. On one hand, there is a price cap of $60 imposed by the West on Russian oil; on the other hand, there is a serious issue involving payments, as the buyers can
