Let’s recognise the prices of oils today but before you have to know that the oil market is subject to various influences, including geopolitical events, economic indicators, and OPEC decisions. As the market continues to evolve, traders and investors will closely monitor these factors to make informed decisions .
The current oil prices are as follows :
– *Brent Crude Oil*: $64.57 per barrel, with a day’s range of $64.69 (high) and a slight change of 0.06%.
– *West Texas Intermediate (WTI)*: $61.14 per barrel, down from Thursday’s close at $61.24.
## Market Trends
Oil prices are experiencing fluctuations due to various market forces. The WTI price is bearish at the European opening, while Brent crude is also shedding ground. According to recent data, oil prices have changed by ³:
– *Daily Change*: -0.13% for Oil (OIL) at $61.3 per barrel
– *Weekly Change*: +2.47% for Oil (OIL)
– *Yearly Change*: -22.34% for Oil (OIL)
## Factors Influencing Oil Prices
Several factors drive oil prices, including:
– *Supply and Demand*:
Global growth and political instability can impact demand, while OPEC decisions and production levels influence supply.
– *OPEC Decisions*:
The Organization of the Petroleum Exporting Countries (OPEC) plays a significant role in shaping oil prices through production quotas and policy decisions.
– *US Dollar Value*:
As oil is predominantly traded in US dollars, changes in the dollar’s value can affect oil prices.
– *Inventory Data*:
Weekly oil inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) provide insights into supply and demand dynamics.
