Oil records a new jump in prices after a brief fall
Oil prices rose for a second day in a row, on Friday, as data showed a draw in US inventories, but it is heading for a weekly loss amid uncertainty over global supplies fueled by the OPEC + crisis.
Brent crude futures rose 27 cents, or 0.4 percent, to $74.39 a barrel by 0644 GMT, while US West Texas Intermediate futures rose 39 cents, or 0.5%, to $73.33 a barrel.
Prices on both sides of the Atlantic were on track for a weekly loss of more than 2%, affected by the collapse in production talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia or OPEC+.
The US Energy Information Administration said on Thursday that US crude and gasoline stocks fell and gasoline demand reached its highest level since 2019, in a sign of increasing strength in the economy.
PARLIAMENTARY LAW: FINANCIAL ABUNDANCE ACHIEVED DUE TO HIGH OIL PRICES
The Parliamentary Legal Committee confirmed today, Thursday, that the financial abundance achieved thanks to the rise in the price of a barrel of oil could allow a return to the previous dollar exchange rate and address the effects caused by its rise, as well as securing sums that pave the way for the inclusion of new families with social welfare salaries.
Committee member Hussein Al-Aqabi told the official agency, followed by the National News Center, that “there is a financial abundance that has been achieved due to the rise in oil prices, as the price fixed in the budget law is 45 dollars, while the price of a barrel has reached more than seventy dollars, a difference of 30 dollars from approved price.
He explained that “the amounts achieved can bridge the deficit in the budget, as well as address the effects that resulted from the rise in the exchange rate,” ruling out “presenting a supplementary budget.”
At the same time, Al-Uqabi stressed “the need to invest the financial abundance by securing new sums to include new families in social care,” noting that “no sums of money were allocated during the current year to include new families.”
On June 11, the Central Bank of Iraq confirmed the stability of the dollar exchange rate and the absence of any intentions to change it.
Yesterday, the economic advisor to the Prime Minister, Alaa Abdel Hussein, confirmed to a program broadcast on the Iraqi news screen, that the rise in oil prices would almost make it possible to bridge the 2021 budget deficit and reduce the dollar exchange rate, which is unlikely because it was approved in the budget. link
Source: Dinar Recaps
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