Oil prices rose but ended the week in the red on demand concerns

Oil prices rose but ended the week in the red on demand concerns


The price of Brent oil rose to $75.19 per barrel on December 8, but overall prices ended the week in the red due to fears of a decline in demand.

About this informs enkorr.

It is noted that the price of February Brent oil futures on the London ICE Futures exchange is $75.19 per barrel, which is $1.14 higher than at the close of the previous session. Also, WTI oil futures for January on electronic trading of the New York Mercantile Exchange rose by $0.99 to $70.33 per barrel.

“Both Brent and WTI fell for the sixth session in a row on Thursday – this is a long period of continuous decline in quotations since February. Prices are at their lowest since June,” the report said.

In addition, futures ended in the red for the seventh week in a row, losing about 5% since the beginning of the week.

It added that traders doubt that the voluntary commitments to reduce production in the first quarter of 2024, taken by individual countries of the group, will be fully respected.

Economic truth.



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