Oil prices close higher

13/02/2023 ِArgaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Feb. 13, as investors studied demand and supply prospects.

 

Last week, Russia announced its plan to cut crude oil supplies by about 500,000 barrels per day, which the United States considers Moscow's use of energy as a weapon.

 

Investors are awaiting the release of OPEC's monthly report on Feb. 14, with the International Energy Agency monthly report scheduled for Feb. 15.

 

Markets are also awaiting US inflation data on Feb. 14, which may determine the Fed's direction on monetary policy.

 

Brent crude futures for April delivery rose 0.2%, or 22 cents, to close at $86.61 a barrel.

 

WTI crude for March delivery rose 0.5%, or 42 cents, to $80.14 a barrel.

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