U.S. crude oil, West Texas crude, suddenly jumped more than 7% to nearly $81 as global trading opened Sunday night after OPEC+'s decision to cut production by 1.65 million barrels per day.
The White House believes that "the step is illogical" as stated in its statement, as it indicated in its statement that this step is "not recommended" at the current stage, and the US oil reserves have fallen to their lowest levels in 40 years due to the output of large quantities of oil to fight the rise in oil prices to their highest levels to near 130 US dollars.
U.S. officials have previously said the United States will only refill reserves as prices fall below $70 a barrel.
However, these US announcements are very polite and contradict the data of the weekly inventory of the Energy Agency in the past two months. It has been rising every week due to the impact of the relative economic recession as well as the interest rate hikes by the US Federal Reserve.
Some experts were of the opinion that without this OPEC+ decision, the price of oil could have fallen below $60 for the same reasons.
Accordingly, the price fell last week to about $64. It then began to rise gradually throughout the week without the market players figuring out the real reasons behind it.
Today, as it turns out, the world is likely to enter a region of friction between the United States, its allies, and the new bloc over the quartet of Saudi Arabia, China, Iran and Russia.
This turmoil may lead to effects on global markets as well as the price of currencies, especially the US dollar and gold.