Oil Price Fluctuations: WTI and Brent Down, OPEC Basket Up
Between December 11 and 12, 2024, the price of WTI crude oil dropped from $70.29 to $70.02, a decrease of 0.38%. Meanwhile, Brent crude oil also experienced a decline of 0.15%, with the price per barrel falling from $73.52 to $73.41.
On the other hand, the price of the OPEC basket increased from $72.43 to $73.36, a rise of 1.28%.
It's worth noting that the global oil price affects multiple sectors, including energy production, the automotive industry, transportation, and agriculture.
The oil price also has an impact on the value of the US dollar and vice versa, as it is often expressed in US dollars. A decline in the dollar can lead to an increase in oil prices, which has a crucial influence on the global economy.
Among the top oil-producing countries in the world are Saudi Arabia, Russia, the United States, China, Iran, Iraq, Kuwait, Mexico, Venezuela, Canada, Nigeria, Norway, the United Arab Emirates, Algeria, and Libya.
