Brent closes above $88 on demand optimism

23/01/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Brent crude closed higher today, Jan. 23, amid optimism on demand from China and a decline in Russian exports of crude.

 

Crude prices benefited from the start of the Lunar New Year holiday in China, adding to the optimism about oil demand as COVID-19 restrictions are eased in the second largest economy in the world.

 

Meanwhile, Russian exports transported by sea of ​​oil fell in the past week, Bloomberg reported.

 

US Treasury Secretary Janet Yellen has expressed confidence in the possibility of expanding restrictions imposed on Russia's sales of oil, to include refined petroleum products.

 

In terms of trading, Brent crude futures for March delivery rose 0.6%, or 56 cents, to settle at $88.19 a barrel.

 

WTI crude for March delivery fell slightly to $81.62 a barrel.

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