Oil prices rose on Friday. A barrel (159 litres) of North Sea Brent cost US$ 79.30 in the morning. That was 61 cents more than the day before. The price of a US-grade West Texas Intermediate (WTI) barrel rose 58 cents to $74.25. This means that oil prices have picked up again after the sharp declines during the first trading days of the new year.
Crude oil from the North Sea has become more than seven percent cheaper since the beginning of this year. Weak economic data from China weighed on oil prices, among other things, as they led to weaker demand in the world’s second-largest economy.
Market observers also pointed to the recent development of US oil reserves. This slowed the rise in oil prices for the weekend. US oil reserves rose 1.7 million barrels last week to 420.6 million barrels, according to US government data from the previous day. Higher crude inventories in the world’s largest economy usually weigh on oil prices. (sda/awp/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
