July 2, 2022
Oil prices are rising due to US spending and supply concerns

Oil prices are rising due to US spending and supply concerns

US oil (WTI) rose 0.81% to $ 81.93 a barrel (Image: Pixabay / @ wasi1370)

Prices Petroleum Positive signs for global economic growth rose on Monday as support for the energy demand outlook United States That said, we are weighing options to deal with higher prices.

Brent crude was up 0.83% at $ 83.43 a barrel.

US crude (WTI) was up 0.81% at $ 81.93 a barrel.

Both contracts rose above $ 1 a barrel in early trade.

O President of the United States, Joe Biden, Welcomed Saturday Congress With a long-delayed $ 1 trillion infrastructure project, economic growth and demand can be met Fuel.

“Global demand is now greater than supply – the Built Back Better program will make the situation worse – and there is very little that Biden can manage to meet that demand,” said Phil Flynn, senior analyst at Price Futures Group in New York.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, also received additional price support from a joint decision last week. Opep +, Not accelerating their planned production increase.

Biden called on OPEC + to produce more oil to ease the market, and on Saturday said his government had “other tools” to deal with higher oil prices.