Oil prices rose today by a noticeable percentage in the middle of trading, due to the decisions taken by China today regarding easing the restrictions of Covid, as the value of future contracts for March delivery of Brent oil rose above $ 85 a barrel, while crude oil prices for February delivery rose to the highest level of $ 80 a barrel.
Oil prices today in Saudi Arabia
Oil continued to rise for the fifth day in a row, according to the sa.investing website, as Brent oil prices recorded today for futures contracts for March 2023 delivery, an increase of 0.65 points and a rate of change of 0.77% in the positive direction, to be trading at $85.14 per barrel, compared to $85.14 per barrel. The closing in the previous session amounted to $84.5 a barrel, while the opening of today’s session was at a value of $85.05 a barrel. Today, Brent oil price reached its highest level at $85.39 a barrel, while it reached its lowest level at $84.20 a barrel.
Also read: “Egypt Station” for trains turns to solar energy
Crude oil prices today
The value of January crude oil futures contracts recorded an increase of 0.67 points, with a change of 0.84% in the positive direction, to trade at $80.25 a barrel at this moment, compared to the closing price of the previous session of $79.56 a barrel, while the opening was at $79.92 a barrel. Today, the price of crude oil reached its highest level at $81.06 a barrel, while it reached its lowest level at $79.33 a barrel.
Also read: Oil prices are rising, and Brent crude is at $84
Oil rises due to the decision to ease Covid restrictions in China
As last week’s trading ended with a noticeable increase amid news of a decline in US inventories, and today, following the release of data on easing Covid restrictions in China, optimism increased regarding an increase in demand for oil from the largest consumer in the world, with assurances from the Russian side to reduce production by 5% to 7%. , in protest once morest the cap on Russian oil prices.
