Brent oil rose 2.67 percent to $78.53

This content was published on Jul 07, 2023 – 19:01
July 07, 2023 – 19:01

LONDON, July 7 (EFE) – The price of a barrel of Brent oil for September delivery ended this Friday on the London futures market at $78.53, up 2.67% from the end of the previous session.

North Sea oil, the reference in Europe, ended the day on the International Futures Exchange, up $2.04 compared to past negotiations.

The production cuts announced by Saudi Arabia and Russia, two major partners in OPEC +, continued to boost the price of crude oil, which closed the week up by 4.83% compared to the previous Friday’s close ($74.91 per barrel).

Analysts said the potential for supply cuts offsets uncertainty about demand developments in China and fears of a global economic slowdown as central banks continue to raise interest rates. EFE

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