These prices come amidst ongoing tensions in the Middle East and global concerns over the Omicron COVID-19 variant.
Arab Petroleum Exporting Countries (OPEC) released its latest report on oil prices, derivatives, and natural gas prices, showing the benchmark Brent crude oil futures for June delivery trading at $87.33 per barrel and West Texas Intermediate crude oil futures at $83.26 per barrel. The average price of OPEC's basket of crudes was $85.81 per barrel for April 2023.
In addition, the average price of premium gasoline in the US market was $4.371 per gallon, while the average price of diesel was $4.208 per gallon.
These prices come amidst ongoing tensions in the Middle East and global concerns over the Omicron COVID-19 variant. As a result, investors are keeping a close eye on the oil market, which has been experiencing volatility due to a range of factors.
Despite this uncertainty, some experts predict that oil prices will continue to rise in the coming months, as demand for crude oil and its derivatives increases around the world.
Despite the ongoing challenges facing the global economy, there have been some positive developments in recent months. For example, the US and Chinese economies have shown signs of recovery, while Europe and other regions are beginning to rebound from the pandemic.
Moreover, governments around the world are continuing to invest in renewable energy and other sustainable technologies, which could help to reduce the world's dependence on fossil fuels over time.
As these trends continue, it is likely that the global energy landscape will continue to evolve, presenting new opportunities and challenges for the oil and gas industry.
