Oil prices have achieved an insane rise…the price of one barrel has reached this level for the first time

Analysts and experts explained that there is a state of expectation that the price of oil will rise until it exceeds the hundred US dollars barrier, after voluntary oil cuts by OPEC, one of the largest sources of oil and gas in the world.

Global oil prices rise

A number of analysts announced that oil prices will reach $100 per barrel by next May, with the Kingdom of Saudi Arabia extending voluntary cuts in oil, in addition to the extent of geopolitical tensions that are escalating and the extension of the size of OPEC production cuts, which led all economists to expect… It exceeded $100 for the first time in the summer of 2022.

The chief commodity analyst at SEB Bank also explained that the price of Brent crude will also reach a high level in May or June, and stated that during the end of the second quarter of the year, the price will move to $100 per barrel.

On the other hand, Brent crude oil has risen by 20% since the beginning of the year, reaching $91 per barrel. This comes from OPEC’s announcement last March that it would extend all restrictions on offers, which reached about 2.2 million barrels on a daily basis, for a period of three years. Other months.

Despite the geopolitical tensions in the Middle East, according to analysts as well, the increase in oil to about $100 should be temporary, in the event that Russia or the Kingdom of Saudi Arabia do not decide to maintain the rate of reductions in production for long periods of time, as the head of commodities at Investec confirmed, that Oil prices will reach $100 but by June, if they continue at the same growth rates, as they have been since December, and analysts warn that geopolitical tensions may push oil to more than $100, and that the length of time that oil prices remain high is determined by tensions in… The Middle East.

While the head of oil research at Goldman Sachs warned, in a note to clients that came last week, that the continued cuts in OPEC supplies may push the price of Brent crude above $100 for some time, according to the analyst at Saxo Bank, if the conflict escalates and damages domestic oil supplies. That price could rise in just a matter of days, and the increase in oil prices makes it likely that inflation will remain for a long time, because it raises the cost of gasoline and energy.

While the chief economist within HSBC Bank confirmed that continued 10% increases in oil add between 0.1 and 0.2 points to inflation within the United Kingdom, and that this will be a problem in the services sector, as the decline in inflation was driven by reductions within the sectors that consume the most energy, Such as the transportation sector, hotels, and restaurants.

Oil recorded $90.45 per barrel for Brent futures contracts, and West Texas Intermediate crude futures contracts recorded about $85.66 per barrel, on Friday, where losses were recorded on a weekly basis.

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How much is a barrel of oil?

$91.1.

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What is the price of US oil?

0.276 for a size of 847.00.

How many liters in a barrel of oil?

A barrel is 158.98723 liters or 42 gallons, and the barrel used to measure the volume of liquids in America is only equal to about 31.5 gallons.

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