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Global oil prices rise amid market shifts

9 July 2024 12:01 (UTC+04:00)
Global oil prices rise amid market shifts
Nazrin Abdul
Nazrin Abdul
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Oil prices have risen in global markets, Azernews reports.

The price of one barrel of Brent crude on London's ICE (InterContinental Exchange Futures) exchange increased by $0.04 to $85.79.

On the NYMEX (New York Mercantile Exchange) in New York, the price of one barrel of Light crude increased by $0.02 to $82.35.

Oil prices are crucial indicators of global economic health and are influenced by various factors such as supply and demand dynamics, geopolitical events, economic policies, and environmental concerns. The prices of different types of crude oil are quoted on major commodities exchanges worldwide.

Understanding these dynamics helps stakeholders in the global economy anticipate and respond to changes in oil prices, which play a significant role in shaping economic trends and policies worldwide.

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