Crude oil

The price of a barrel of oil rose globally by about 1 percent during trading today, Friday, due to expectations of a decrease in the supply of Russian crude.

Forecasts of supply shortages helped offset fears that transportation fuel demand growth would be hit in the United States, as an impending Arctic storm threatens holiday travel.

By 07:51 GMT, the prices of benchmark Brent crude futures for February delivery rose by 0.93 percent, to $81.73 a barrel.

The price of US West Texas crude futures, Slim February, also increased by 1.10 percent, to $78.34 a barrel.

Crude oil prices ended their trading, yesterday, Thursday, with a decline in a volatile session, to record the first decline in 4 consecutive sessions.

Thus, both benchmark contracts are heading for a second weekly gain, with Brent crude rising 3.3 percent and West Texas Intermediate 5.5 percent. Russia’s exports of Baltic oil may drop by 20 percent in December from the previous month after the European Union and G7 countries imposed sanctions and a ceiling on Russian crude prices as of December 5, according to traders and Reuters accounts.

The Russian Information Agency quoted Deputy Prime Minister Alexander Novak as saying today, Friday, that Russia may reduce its oil production by between 5 percent and 7 percent in early 2023, as it responds to the maximum limits on the prices of its crude and oil products by stopping sales to the countries that support it.

By Admin