Oil barrel price comes to US $83 and reaches record

The Brent oil barrel arrived at US $83 last Monday, October 1, and reached its record, the highest value since November 2014. According to the Reuters agency, investors are aware of the increase in prices, and outweigh the purchase options of Brent oil and predict that the price of the barrel will reach us $90 until the end of October.

The high prices of oil and the rise of the dollar have affected several international currencies, which may reach the demand for growth next year. But the focus has been the sanctions of the United States to the Iran energy industry, which will enter into force on 4 November, and project the decrease in oil production of the Organization of Petroleum Exporting Countries (OPEC).

The Chinese company, Sinopec announced that it reduced oil production in September by half. For the Emirates NBD analyst, Edward Bell, if the Chinese refineries comply with the US sanctions more than expected, the level of market imbalance should worsen even more. Which is bad for the world economic sector.

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