Global oil prices rose during the week’s dealings in light of the receding of fears of economic recession in the United States By undermining the demand for fuel.
Brent crude futures rose 23 cents, or 0. 3 %, to $ 93. 80 a barrel by 0101 GMT to continue 1. 1 % in the previous session.
Crude oil prices
Brent crude futures climbed during last Friday’s trading last Friday, as the price of the January 2023 contract rose by 2. 56%, to record 96.
07 dollars, and the December of the US West Texas crude trading increased at $ 88. 72 a barrel, an increase of 2. 60% and mentioned a network report CNBC, quoting government media, said that China has reduced the duration of the quarantine for international travelers for two days, which increases optimism that more virus restrictions can be reduced in the future.
Oil prices increased in conjunction with the decline in the dollar, after data showed on Thursday that the American inflation was weaker than expected, which limited the expectations of raising interest rates and strengthened the demand for the priced in US currency, however, oil prices fell throughout the current week until now, where The price of West Texas Intermediate crude fell by more than 6%, while Brent crude fell by 5%.
The prices of US West Texas Intermediate crude futures increased 28 cents, or 0. 3 %, to $ 86. 75 a barrel, after they rise 0. 8 %in the previous session.
American inflation
Analysts explained that oil prices recovered on Friday with the decline in the dollar after data on Thursday showed that the American inflation was weaker than expected, which limited the acute increase in interest rates and enhances the weakness of the US dollar demand for oil because it makes it cheaper for buyers than other currencies.
The locals emphasized that the danger that China still represents the demand for price gains, with the high cases of Coffee-19 in Guangzhou, a manufacturing center in the country, where the authorities asked the population to work from the home. It is in addition to working from the house, which reduces the movement and demand for fuel, traveling through China has been weak, as the residents are afraid to hang in the quarantine areas.
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