world price of oil; Brent was 76 dollars and 43 cents

The price of a barrel of Brent North Sea oil today decreased by 8 cents equal to 0.10% to 76 dollars and 43 cents.

News ID: ۲۰۰۰۵۸۱

06 January 2025

EghtesadOnline: According to Reuters, oil prices are trading at the highest level since October. Investors are seeing the impact of increased global demand for fuel following the cold weather in the Northern Hemisphere, as well as the impact of Beijing's economic stimulus.

The price of a barrel of Brent North Sea oil today decreased by 8 cents equal to 0.10% to 76 dollars and 43 cents. US West Texas Intermediate crude is trading at 6 cents, equivalent to 0.08% decrease, to 73 dollars and 90 cents.

Beijing, which recently increased fiscal stimulus to revive the economy, said on Friday it would increase long-term bond financing in 2025 to boost business investment.

China's central bank also announced on Friday that it will lower the bank's statutory reserve ratio as well as interest rates at the appropriate time.Last year, China's slowing economic growth and shift to clean fuels in the transportation sector reduced crude oil imports and fuel demand in China, the world's largest oil importer and second largest consumer.

In terms of supply, the investment bank Goldman Sachs expects the production and export of Iranian oil to decrease in the second quarter of this year as a result of changing policies and tougher sanctions of the Donald Trump administration.

Analysts of this bank believe that production in this OPEC member country will probably decrease by 300 thousand barrels per day in the second quarter and reach 3.25 million barrels per day.