Oil process edge up, Brent above $79

09/01/2023 Argaam

Oil process edge up, Brent above $79

Oil rigs

Oil prices rose today, Jan. 9, supported by optimism about increased demand in China as the country eased COVID-19 restrictions.

 

In addition, the decline in the US dollar also offered support.

 

According to reports by Bloomberg and Reuters, the US Department of Energy rejected offers to start refilling the strategic oil reserve in February, due to high prices or failure to meet the required specifications.

 

Oil prices declined more than 8% in the past week amid concern about the global economic recession.

 

In terms of trading, Brent crude futures for March delivery rose 1.4%, or $1.08, to settle at $79.65 a barrel.

 

WTI crude for February delivery rose 1.2%, or 86 cents, to $74.63 a barrel.

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