Crude To One Another

Getting your Trinity Audio player ready...

 

The oil industry was hanging its hat on a trade agreement over oil prices but a negotiation meeting was a bust so oil prices continue to rise.

OPEC is a trade group that sets oil prices and trade rules. There have been disagreements between Saudi Arabia and United Arab Emirates parties in the group causing discord. The lack of a deal caused oil prices to skyrocket to $76.96 per barrel, up 1% from the day before and the highest price since 2018.

So back to the drawing board. If a deal is reached, it will help release millions of barrels of crude oil to help meet increased demand but until then, consumers will pay the premium.

 

Share this article

Related Articles

Join the mailing list

Get the daily email that makes reading the investment news actually enjoyable.

Scroll to Top