Oil prices rise on Friday, record weekly gains of over 8%

14/01/2023 Argaam
Oil rig

Oil rig

Oil prices rose, on Jan. 14, recording significant weekly gains on optimism about demand in China.

 

The prices moved higher as China stepped up its purchases of crude this week, issuing a new batch of crude oil imports, amid ease of COVID-19 restrictions.

 

The oil market was also boosted by the decline in the US dollar, and the fall in US consumer price index for the first time since 2020, which would fuel the economy.

 

Brent crude for March delivery traded 1.5%, or $1.25, higher at $85.28 a barrel, recording weekly gains of 8.5%.

 

Meanwhile, West Texas Intermediate for February delivery rose 1.9%, or $1.47, to $79.86 a barrel, with weekly gains of nearly 8.2%.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

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

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
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.