Oil prices rise, record second weekly-straight gains

24/12/2022 Argaam

Oil prices rose, on Dec. 24, backed by demand recovery in China and amid concerns about supply reduction in Russia.

 

Russia's Deputy Prime Minister Alexander Novak said the government may cut oil production by 500,000 to 700,000 barrels per day, in response to a decision to set a ceiling on Russia's crude prices.

 

Optimism in the oil market continued for the second straight week as China eased the epidemic-related restrictions, which supports the increase in crude consumption in China.

 

International benchmark Brent crude for February delivery traded 3.6%, or $2.94, higher at $83.92 a barrel, with weekly gains of 6.2%. West Texas Intermediate (WTI) for February delivery gained 2.6%, or $2.07, to reach $79.56, recording weekly gains of 7%.

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