Prices rose on information about further easing of anti-COVID measures in China and the shutdown of part of a refinery in the United States due to bad weather.
World prices for reference grades of oil continue to rise and have surpassed the level of $85 per barrel. This was confirmed by the trading data on Tuesday, December 2.
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Thus, the futures price for Brent crude for February delivery on the London ICE Futures exchange rose by $0.51 (+0.60%) to $85.01 per barrel.
Accordingly, futures for WTI crude also for February delivery on the New York Mercantile Exchange rose $0.49 (+0.62%) to $80.05 a barrel.
On Monday, oil trading was not held due to the Catholic Christmas. And today, both contracts hit their highest levels since December 5th.
Prices for “black gold” are rising on information about further easing of measures against COVID in China. The country’s authorities will cancel the mandatory quarantine for those arriving in the country from abroad starting January 8. In addition, Beijing lowered the level of surveillance for COVID-19, abandoning the legal basis for imposing severe measures to combat the spread of infection.
In addition, market participants are watching the news from the United States, where the production of petroleum products is falling due to difficult weather conditions in the main regions, covered by a snow storm. In particular, production has stopped at the two largest plants Motiva Port Arthur and Marathon Galveston Bay in Texas.
It was previously reported that Russia may cut oil production by 500-700 thousand barrels per day in early 2023. This is in response to export price restrictions imposed by the G7.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.