(photo for illustration)

(VOVworld) – The world oil price on July 12 rebounded from the lowest rate over the past 2 months following OPEC’s comment that growing demand will help the oil market continue to move towards a balance while at the same time the oil supply also steadily falls.
At the close of today’s transactions on the New York exchange, the crude oil price for August delivery increased by 2.04 USD to 46.8 USD per barrel. On the London exchange the price of Brent crude for September delivery was at 48.47 USD per barrel.