Brent crude recorded $56.03 per barrel during today's trading, while WTI crude touched $53.08 before both prices retreated to $55.77 for Brent and $52.84 for WTI.
The rise in prices for Brent and WTI has encouraged an increase in oil exploration activities in the United States, in addition to undermining cohesion within OPEC+, which will lead to increased production later in the year. Economic analysts found that if prices continue to rise above $60 or $65, there will be a stronger response from U.S. shale oil producers and OPEC+.
