In July, Global Crude Oil Prices Rose 9 Percent

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01/08/2017 12:02 WIB

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World Crude Oil Prices (WTI) January-July 2017

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In July, Global Crude Oil Prices Rose 9 Percent

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World Crude Oil Prices (WTI) January-July 2017

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Global crude oil prices rose 8.9 percent throughout July 2017, reaching their highest level since May 25th. Bloomberg data shows that the price of West Texas Intermediate (WTI) crude oil for the next month's contract closed up 0.92 percent on Monday (July 31st), reaching US$50.17 per barrel.

The threat of US sanctions against Venezuela and concerns about global oil supply enabled crude oil prices to break above the US$50 per barrel mark for the first time in two months. Similarly, Brent crude oil prices also rose 9.98 percent throughout July 2017, reaching US$52.8 per barrel.

However, from January to July 2017, oil prices still recorded a decline. WTI crude oil fell 6.44 percent, and Brent crude oil fell 7.34 percent.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."