Oil prices resumed their rise today, Friday, after a decline at the start of today’s session and yesterday’s, supported by supply restrictions and a weak dollar. This is despite the announcement of China’s agreement on the withdrawal of its oil reserves, after an agreement with Washington, which could move soon to curb prices still above $ 80 per barrel, while the restrictions on circulation in China to fight the Covid-19 epidemic has affected the demand for fuel.
Several banks predicted oil prices to reach $ 100 a barrel questyear as demand is expected to outstrip supply.
THE future on Brent crude oil they increased by 0.7% to 85.04 dollars a barrel. West Texas crude oil contracts rose 0.34% to $ 82.47 a barrel.
China, the world’s second largest consumer of oil, has suspended international flights and stepped up efforts to curb the spread of the virus in Tianjin province, while the mutated Omicron strain of the Corona virus has spread to the northeastern city of Dalian.
Many cities, including Beijing, have also urged residents not to travel during the Lunar New Year holidays, which could reduce fuel demand during peak travel season.
In 2021, China also experienced its first annual drop in crude oil imports in 20 years.
On Thursday, the US Department of Energy said it had sold 18 million barrels of oil from the strategic reserve to six companies.
Despite this, the two benchmarks, Brent and West Texas Intermediate, are set to rise for the fourth straight week, buoyed by supply concerns and political concerns. in Libya and Kazakhstan, and the decline in US crude oil inventories to their lowest level since 2018.
Read More About: Business News