World oil prices increase about 2% before Christmas holiday

World oil prices increase about 2% before Christmas holiday

In the session on December 23, the world oil price increased about 2%, due to the unexpected decrease in US inventories of crude oil, gasoline and distillate products, raising investors’ hopes that the demand Fuel consumption is increasing again.

World oil prices increase about 2% before Christmas holiday

At the end of this session, on the New York market, the price of US light sweet oil (WTI) for delivery futures 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.

Phil Flynn, senior analyst at Price Futures Group, based in Chicago (USA), said, in general, the above report reflects an improving trend in energy consumption demand, thereby helping investors invest in the hope of a more balanced energy market in the future.

In addition, the weakening USD also supported oil prices to go up. The depreciating “greenback” makes currency-denominated commodities such as crude oil cheaper for holders of other currencies.

Investors are also eyeing Nigeria, where oil supply disruptions are helping to lift prices. Oil and gas giant Exxon Mobil Corp announced force majeure at the Qua Iboe oil export port last week, after a fire broke out at the facility and injured two workers. A source informed Reuters that production there is expected to resume in early January 2020.

However, the market remains concerned about a future recovery in oil demand, as a new, more infectious variant of the SARS-CoV-2 virus that causes the COVID-19 epidemic has emerged in the world. Britain, causing a series of countries to close their borders with this country.

Meanwhile, the number of Americans filing for unemployment benefits for the first time fell unexpectedly last week, although still at a high level as many businesses face difficulties due to social blockade orders and people. cautious consumers amid a sharp increase in the number of COVID-19 cases.

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