Monitoring the price movement in the global oil market shows that the price of OPEC crude is on its way to breaching the $70 barrier in the coming days, which will have positive results on the economies of all countries, especially the exporting countries.
Oil prices had recently received support from the decisions issued by the meeting of OPEC members with major independent producers, during which it was decided to continue the policy of controlling supplies in the market, in addition to expectations of continued improvement in demand for black gold in the coming period.
In addition to the positive data released by the US labor market for crude oil prices, the decline in the US dollar exchange rate, which has an inverse relationship with crude oil prices, formed an additional support as oil priced in dollars becomes less expensive for holders of other currencies.
It is noteworthy that crude oil prices rose at the end of trading sessions in the futures markets / via the New York Mercantile Exchange (Nymex) and the Intercontinental Exchange (ICE) last week, as Brent crude contracts for August 2021 delivery ended the trading sessions, the day before yesterday, Friday, rising by 0.81% to reach $71.89 per barrel. Upon settlement, it was the highest level since May 2019.
For its part, US West Texas crude contracts for July 2021 delivery ended the trading sessions with a rise of 1.18%, to set the settlement price at $69.62 a barrel, the highest level since October 2018.