World oil prices rose in the last trading session of the past week thanks to investors buying strongly at the end of the session before the Christmas market holiday, in the context of the United Kingdom and the European Union (EU). reached a post-Brexit trade deal, only Britain leaving the EU.
World oil prices close Christmas week with mixed movements
Ending session 24/12, in New York market, the price of US light sweet oil (WTI) futures delivery increased by 11 US cents, to 48.23 USD/barrel. Meanwhile, the price of Brent North Sea oil for delivery futures also inched up 9 US cents, to US$51.29/barrel. For the whole week, WTI oil price fell 1.6% and Brent oil price dropped 2%.
Previously, in the trading session on December 23, the world oil price increased by about 2%, due to the sudden drop in US inventories of crude oil, gasoline and distillate products, raising hopes for investors. that demand for fuel is increasing again. At the end of this session, in the New York market, the price of WTI oil futures delivery increased by 93 US cents (2%), to 47.95 USD/barrel. Meanwhile, the price of North Sea Brent oil for delivery futures also advanced 96 US cents (1.9%), up to 51.04 USD/barrel.
A report on December 23 by the Energy Information Administration (EIA), under the US Department of Energy, said that US crude oil inventories for the week ended December 18 decreased by 562,000 barrels, to 499.5 million barrels. The country’s gasoline stocks also unexpectedly fell 1.1 million barrels in the same period, to 237.8 million barrels, while distillate stocks also fell more than expected, down 2.3 million barrels, to 148.9 million barrels.
Contrary to the upward momentum of the last two sessions of the week, in the session of December 22, world oil prices went down, amid the context of a new variant of the SARS-CoV-2 virus that causes the COVID-19 acute respiratory infection. 19 in the United Kingdom raised concerns about a recovery in fuel demand. In the context of the new variant of the SARS-CoV-2 virus that causes the COVID-19 epidemic, many countries have decided to close their borders and ban flights to and from the UK, which is considered the origin. of the new variant.
At the end of this session, the price of WTI oil for February delivery fell 95 US cents to 47.02 USD/barrel, while the price of Brent oil for delivery in the same term fell 83 US cents to 50.08 USD/barrel.
The prices of both oils fell nearly 3% in the first session of the week, traders said, and nearly erased recent gains on the back of progress in vaccine production, traders said. COVID-19 prevention, which is considered the “key” to bring people’s lives around the world back to normal.
Energy markets have surged since late November, when a COVID-19 vaccine was approved by several countries. Worldwide, the number of COVID-19 infections continues to soar and investors’ outlooks will remain adversely affected by the pandemic for several months. Variants of the new SARS-CoV-2 virus that causes the COVID-19 epidemic, which can spread at a faster rate, are “attacking” the UK, Nigeria and a number of other countries.
By striking a Brexit deal, the UK has avoided a tumultuous departure from one of the world’s largest trading regions, which many investors warn could cause huge volatility in markets. finance.
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