Oil prices rose by 2% at the end of trading today, Friday, January 5, 2024, recording weekly gains, amid expectations of a recovery in demand in the new year.
This comes after the minutes of the Federal Reserve (US central bank) meeting indicated that inflation is under control. With US Secretary of State Anthony Blinken preparing to visit the Middle East; To try to prevent the expansion of the Gaza war.
On Thursday, January 4, oil prices ended their trading with a decline of 1% with the release of US oil and derivatives inventories data.
At the end of the session, futures prices for standard Brent crude, for March 2024 delivery, rose by 1.5%. It reached $78.76 per barrel, recording a weekly gain of 2.2%.
At the same time, US West Texas Intermediate crude futures prices, for February 2024 delivery, increased by 2.24% to reach $73.81 per barrel, recording a weekly gain of 3%.
During the first week of 2024, oil prices compensated for the losses of Thursday’s session, when prices settled lower in a volatile session due to the accumulation of gasoline and distillate stocks in America.
