The expected decrease in oil reserves in the US has nevertheless increased the price of oil on the world commodity market a little more compared to the already higher price at the beginning of this week, which is marked in the calendar of this year 2023 as the 36th in the order. The current price of North Sea Brent oil thus slightly exceeded the price threshold of USD 90 per barrel during the European Thursday morning on September 7, 2023. Compared to its price on Monday, September 4, 2023, the price of light American oil WTI (West Texas Intermediate) has strengthened by more than USD 2 per barrel and is thus approaching the price threshold of USD 90 per barrel.
Currently, during the beginning of the European Thursday morning on September 7, 2023, at approximately 8:47 CET, the price of light American oil WTI (West Texas Intermediate) was moving on the NYMEX (New York Mercantile Exchange) commodity market at a value of 87, $16 per barrel with a -0.43% drop in its price so far. According to economic reporters, following brokerage analysts, the current decline is a reflection of the standard profit-taking achieved by investors and traders in the previous period. The current price of WTI oil according to technical analysis data represents an annual increase of +15.76% in price over the last 52 weeks, of which since the beginning of this year 2023 the increase of WTI oil price is +11.04% compared to the price at the end of last year 2023 .
The European counterpart of WTI crude oil, i.e. Brent North Sea crude oil, traded on the ICE (Intercontinental Exchange Europe) commodity market at a value of USD 90.24 per barrel on the indicated day and time, with a -0.40% drop in its price so far. The reason for this decline is the same as for WTI crude oil, which is profit taking by traders, according to economic correspondents linked to commodity market financial strategists. According to technical analysis data, the current price of Brent oil represents a total annual increase of +8.11% of its price over the last 52 weeks. However, since the beginning of this year, the price of Brent oil has had a more dynamic increase than WTI oil, as the price has increased by + 9.9% of its price since the beginning of this year 2023 compared to the price at the end of last year 2023.
These current oil prices on the world commodity market were achieved when the exchange value of the US dollar (USD) according to the US Dollar Currency Index (DXY) was at USD 104.92 points with a daily gain of +0.06 % of point value. Oil prices rose significantly already on Tuesday, September 5, 2023, after Saudi Arabia and Russia extended their voluntary oil supply cuts until the end of this year, 2023. The Saudi cut was 1 million barrels per day, while Russia cut by 300,000 barrels per day. These oil production cuts are on top of an April cut agreed by several OPEC+ producers to last until the end of 2024. Both countries, Saudi Arabia and the Russian Federation, will review market conditions and decide each month whether to deepen cuts or increase production .