March 23, 2023

Dubai Week

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Oil prices continue to rise

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Today, oil futures prices continue to rise during trading on Thursday, and after initial studies showed the effectiveness of existing vaccines, concerns about the new variant of the growing corona virus, Omigron, and weak energy demand are declining.

Crude futures traded at around $ 73 a barrel in New York this morning, after rising more than 9% over the past three trading days, thanks to the hope that the new variable will not hinder the economic recovery in the world.
Meanwhile, U.S. Energy Information Administration data showed that U.S. crude oil stocks fell by only 241,000 barrels last week, while refined oil stocks, including petrol and diesel (diesel), rose.

According to Bloomberg News, West Texas Intermediate crude for U.S. oil rose 0.8% this morning to $ 72.95 a barrel for January delivery, up 0.4% yesterday. Brent crude for North Sea oil rose 0.6 percent to $ 76.27 a barrel for February delivery.


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