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Oil prices surge in global market

20 May 2024 11:00 (UTC+04:00)
Oil prices surge in global market

Brent crude, traded on London's ICE exchange, saw a notable increase of $0.33, reaching $84.31 per barrel, Azernews reports.

Similarly, light crude, traded on the NYMEX exchange in New York, rose by $0.2 to $80.26 per barrel.

This uptick suggests a tightening of the global oil market, potentially impacting various sectors worldwide.

Contextualise the recent price increase within broader trends in the global oil market. This could include factors such as supply and demand dynamics, geopolitical tensions, OPEC (Organisation of the Petroleum Exporting Countries) decisions, and macroeconomic indicators affecting oil prices.


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