After several weeks of relative price reductions, Brent crude prices were up again this week thanks to a falling US dollar.
Following President Joe Biden’s visit last week, Saudi ministers insisted that choices regarding oil policy will be made in accordance with coalition agreement and market logic.
According to Bloomberg, Iraq’s oil minister expects oil to trade above $100 for the remainder of the year.
Since mid-June, crude has fallen as fears of a looming recession have ravaged commodity markets, wiping out gains made in the wake of Russia’s invasion of Ukraine.
However, Biden is still eager to persuade the OPEC Countries to increase supplies in order to further drive down prices and combat inflation.
