The world price of oil on January 8; Brent increased by 91 cents
According to Mehr News Agency to According to Reuters, the more than expected decrease in US crude oil reserves has increased the price of oil by more than 1% over the past week.
The price of a barrel of Brent North Sea oil today increased by 91 cents equal to 1.24% to 74 dollars and 17 cents. US West Texas Intermediate crude oil is trading at 98 cents, equivalent to 1.41% increase of 70 dollars and 60 cents.
Both of these oil indices increased by about 1.4% over the past week.
According to the US Energy Information Administration report, the country’s crude oil reserves decreased by 4.2 million barrels in the week ending on December 20, which can be attributed to the increased activity of refineries and increased demand for fuel during the holiday season.
Reuters analysts had expected a decline of 1.9 million barrels, and the American Petroleum Institute had forecast that stocks would have fallen by 3.2 million barrels.
Optimism regarding the growth of China’s economy has also increased the hope of higher demand in the next year from the world’s largest oil importer.
The World Bank on Thursday increased its forecast of China’s economic growth in 2024 and 2025. Meanwhile, Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) in special bonds next year. The aim of this action is to revive China’s economy.
The war between Russia and Ukraine, which had little effect on the energy market due to weak global demand for oil, is now in the spotlight due to several events this week that could affect supply next year.
>
NATO announced on Friday that it will increase its presence in the Baltic Sea following the seizure of a Russian oil tanker by Finland. In the meantime, the wholesale price of natural gas has increased in the Netherlands and England, because there is no hope of concluding a new contract for the transmission of Russian gas through Ukraine.
Currently, the biggest danger in the Middle East for the oil market is the possible sanctions that will be imposed against some countries by the Trump administration.
