Biden will leave Saudi Arabia without agreement

Many investors expected that the visit of the US president to Saudi Arabia could be a breakthrough for the oil market. It turns out, however, that expectations were overly blown. Most likely, no declarations will be made, both from the United States and Saudi Arabia. US officials indicate that they do not expect a sudden increase in production and are waiting for the results of the next OPEC + meeting, which will be held on August 3. Moreover, analysts from the region indicate that the decision to increase production belongs not only to Saudi Arabia, but to the entire OPEC. What else is worth knowing about the oil market?

• Libya is set to restore much of its production next week
• Demand in China fell in the first half of the year compared to the previous year
• Saudi Arabia buys Russian oil for domestic use and at the same time exports its own, more expensive oil in larger quantities
• Saudi Arabia earns $ 1 billion a day from oil exports

OIL.WTI price rose slightly on Friday and is approaching local resistance at $95.40 per barrel. Source: xStation5