The price of oil has increased by more than 25% so far this quarter. Analysts predict that Brent will surpass $100 in the near future. They do not think it will be sustainable, though. The last time Brent was seen trading above $92 a barrel.
Although the oil price surge is likely to continue, it won’t be long-lasting. Economists also expect oil prices to break above $100 in the near term as supply cuts by OPEC+ countries more than offset weaker demand due to the global economy\u2019s slowdown.
However, analysts don\u2019t see oil prices as able to remain above $100 for long as weaker demand as well as political pressure to increase supply constitute two factors that help to bring oil prices back to levels slightly above $90.
Due to OPEC+’s voluntary production restrictions, oil prices have risen sharply, with Brent crude up 10.76% in the previous month and almost 24% since July 1. Prices of crude derivatives used in a variety of industries, such as paints, tyres, consumer products, cement, and airlines, have increased as a result.
Titanium dioxide, carbon black, aviation turbine fuel, high-density polyethylene, and pet coke are five essential items that have all experienced increases. Carbon black recorded the largest increase at 22.22%, followed by aviation turbine fuel at 23.84%.<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of oil has increased by more than 25% so far this quarter. Analysts predict that Brent will surpass $100 in the near future. They do not think it will be sustainable, though. The last time Brent was seen trading above $92 a barrel.Although the oil price surge is likely to continue, it won’t …<\/p>\n","protected":false},"author":13,"featured_media":82293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7156,10012,7004],"class_list":["post-89959","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-brent","tag-oil-output-cut","tag-opec-2"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=89959"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89959\/revisions"}],"predecessor-version":[{"id":90011,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89959\/revisions\/90011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/82293"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=89959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=89959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=89959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}