Oil prices rose today, Dec. 30, heading for their second-yearly straight gains on optimism about demand recovery in China during 2023 and ease of tough COVID-19 restrictions.
Although China is facing an upsurge in the epidemic cases, demand is expected to recover eventually in the world's largest crude importer.
Oil prices are set to record modest gains this year. They rose after the onset of Russia-Ukraine war affected energy flows, then fell amid growing concerns about global economic slowdown, along with interest-rate hikes by global central banks to fight inflation.
Brent crude futures for February delivery rose 0.53%, or $0.44, to $83.90 a barrel at 9:04 am Makkah time, with gains of 5.76% in 2022. Meanwhile, US West Texas Intermediate (WTI) crude futures for February delivery moved up 0.55%, or $0.43, to $78.83 a barrel, gaining around 5% this year.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}