Date: August 26, 2024 – The price of Brent crude oil saw a slight increase today, reaching $79.53 per barrel, marking a 0.65% rise compared to the previous day. This increase was primarily driven by concerns over potential supply disruptions and expectations of a moderate demand increase in Asia. However, analysts, including those from Goldman Sachs, predict that the price could drop below $70 per barrel by the end of the year if demand in China does not rise as expected.
The price of WTI (West Texas Intermediate) crude oil is currently at $75.41 per barrel, reflecting a 1.95% decline compared to the previous week. The decline in WTI prices is influenced by weakening demand, particularly in China, and ongoing concerns about the global economy.
Table: Current Brent and WTI Crude Oil Prices
| Date | Brent Crude Price (USD/barrel) | Daily Change (%) | WTI Crude Price (USD/barrel) | Daily Change (%) |
|---|---|---|---|---|
| August 26, 2024 | 79.53 | 0.65 | 75.41 | -1.95 |
| August 23, 2024 | 77.73 | 2.30 | 75.89 | -2.86 |
| August 22, 2024 | 76.53 | 1.50 | 79.66 | -1.75 |
| August 21, 2024 | 77.63 | -1.50 | 78.05 | -0.17 |
