The price of a barrel of oil globally rose about 1% during trading on Friday, December 23, on expectations of a decrease in Russian crude supplies.
Tight supply forecasts helped offset fears that US transportation fuel demand growth would be hurt; An impending arctic storm threatens vacation travel.
The global price of a barrel of oil today
By 07:51 GMT (10:51 Mecca time), futures prices forBrent crude The benchmark – for delivery in February 2023 – by 0.93%, at 81.73 dollars a barrel.
The price of futures contracts has also increasedWest Texas Crude American – for February 2023 delivery – by 1.10%, to 78.34 dollars a barrel, according to data seen by the specialized energy platform.
And it was Crude oil prices Yesterday, Thursday December 22, it closed down in a volatile session, recording the first decline in 4 consecutive sessions.
Both benchmark contracts are heading for a second weekly gain, with Brent crude oil up 3.3% and West Texas Intermediate up 5.5%.
Russian oil exports
Russia’s Baltic oil exports could fall 20% in December from a month earlier after the European Union and G7 nations imposed sanctions and an oil cap.Prices of Russian crude oil As of Dec. 5, according to reports from dealers and Reuters.
The RIA news agency quoted the deputy prime minister, Alexander NovakHe said Friday that Russia could cut its oil output by 5% to 7% in early 2023 as it responds to price constraints on its crude and petroleum products by halting sales to countries that support it.
“The surge in the price of a barrel of oil globally came as energy traders focused on Moscow’s response to Russia’s oil price cap, not the thousands of flight cancellations that will disrupt holiday travel. OANDA analyst Edward Moya said.
The American holiday season
More than 4,400 U.S. flights were canceled in two days due to the winter storm, coinciding with a holiday travel season that some say could be the busiest on record.
Oil prices on both sides of the Atlantic eased on Thursday as flights were canceled and the blizzard could disrupt motorists’ plans to travel over Christmas and New Years. Which limits the consumption of petrol.
However, it can be increased demand for heating oil; Bad weather is expected to cause power outages.
CMC Markets analyst Leon Lee said: US crude inventoriesAs winter storms hit the United States, cold temperatures are expected to extend as far south as Texas, Florida and the eastern states; This drives up the demand for heating oil.”
And she said Energy information management U.S. crude inventories fell more-than-expected in the week ending Dec. 16 as imports fell sharply, with inventories down 5.9 million barrels to 418.2 million barrels on expectations for a decrease by 1.7 million barrels.
question in China
However, rising Corona cases in China, the world’s second-largest oil consumer, and concerns about rising global prices and a fuel-limiting recession have limited gains in the price of a barrel of oil globally.
“The biggest trade in the oil market is China and optimism remains strong that reopening will continue and eventually lead to increased demand,” the OANDA analyst said. Reuters.
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