Brent crude is approaching $80 per barrel

Brent crude is approaching $80 per barrel

Oil prices rose today after dropping in yesterday’s trading due to fears of weak global demand and Saudi Arabia’s reduction in oil prices.

At 3:35 PM Moscow time, US crude futures increased by 2.35% to $72.43 per barrel, while Brent crude futures rose by 2.26% to $77.84 per barrel.

Before that day, US crude contracts were trading at $70.55 per barrel and Brent crude at $76.02 per barrel.

Yesterday, Black Gold prices fell upon settlement. Brent futures contracts decreased by 3.35% to $76.12 per barrel, while US crude futures contracts dropped by 4.1% to $70.77 per barrel.

According to Bloomberg, Saudi Arabia plans to reduce crude oil prices for buyers across all export destinations, including the primary market in Asia, in February to boost the market.