Oil rises, heads for weekly advance

Oil drilling rigs

Oil prices rose, on Jan. 20, recording second-straight weekly gains on optimism about demand in China.

 

Optimism about ending the zero-Covid policy outweighed concerns about global economic recession this year, as monetary policy continues to tighten.

 

The market is anticipating European sanctions on Russia's oil products that will come into effect on Feb. 5.

 

The US drilling rig count declined 10 units to 613 in the week ended Jan. 20, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent crude for March delivery traded 1.7%, or $1.47, higher at $87.63 a barrel, recording weekly gains of 2.7%.

 

Meanwhile, West Texas Intermediate for February delivery rose 1.2%, or $0.98, to $81.31 a barrel, with weekly gains of nearly 1.8%.

 

US crude for March delivery moved up by 1.3%, or $1.03, to $81.64 a barrel.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
72.88
(0.01) (0.01%)
Nymex
69.44
0.08 0.12%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request