Oil prices rise on Friday, record weekly gains of over 8%

14/01/2023 Argaam

Oil rig

Oil prices rose, on Jan. 14, recording significant weekly gains on optimism about demand in China.

 

The prices moved higher as China stepped up its purchases of crude this week, issuing a new batch of crude oil imports, amid ease of COVID-19 restrictions.

 

The oil market was also boosted by the decline in the US dollar, and the fall in US consumer price index for the first time since 2020, which would fuel the economy.

 

Brent crude for March delivery traded 1.5%, or $1.25, higher at $85.28 a barrel, recording weekly gains of 8.5%.

 

Meanwhile, West Texas Intermediate for February delivery rose 1.9%, or $1.47, to $79.86 a barrel, with weekly gains of nearly 8.2%.

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