The Rise in Oil Prices Might Cause Price Rising for Oil Products in Moldova

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The price of Brent crude oil for August delivery has risen for the eighth day in a row, reaching a threshold of $ 71 per barrel. This is the highest level since March this year. In the last two days alone, oil prices have risen by about 3%, and over the past eight days by about 10%, and yesterday there were periods when the price per barrel exceeded $ 71.20,  reported with reference to The jump in oil prices is associated with expectations of increased demand for fuel during the summer season in the United States, writes Reuters. Prices are also rising thanks to positive data from China, where production grew faster in May. “Oil prices are rising today as the market becomes more confident that demand will reach the end of the recovery tunnel, with strong signs of global use from the US to China,” said an oil analyst at the company. Rystad Energy Lewis Dixon, quoted by Reuters. However, the rise in prices was limited by expectations of an increase in production in the market. The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC + have agreed to stick to their earlier plan and continue to gradually recover oil production as producers balance the expected recovery in demand with a possible increase in production in Iran. In April, OPEC + decided to supply the market with 2.1 million barrels per day (barrels per day) from May to July, anticipating a rise in global demand despite the very high number of coronavirus cases in India, the world's third largest oil consumer. An increase in oil prices may lead to an increase in prices for oil products during the month, including in the Republic of Moldova. The last increase in our country took place two weeks ago. Note that the Republic of Moldova imports gasoline and diesel fuel mainly from Romania.