Arabian Business Egypt – Oil prices rose upon settling the trading session on Friday, the last session of the week, with investors evaluating the developments of the Ukrainian war and its impact on the oil market, in light of concerns regarding the decline in Chinese demand.
And the price of futures contracts for US NYMEX crude for May delivery rose by regarding 1.4%, or 1.56 dollars, at 113.90 dollars a barrel, to raise its weekly gains to 10.5%.
The price of Brent crude futures, the standard for May delivery, also rose by 1.4%, or 1.62 dollars, at 120.65 dollars a barrel, while its weekly gains amounted to regarding 11.8%.
The United States and the European Union decided to form a joint working group to work to reduce the bloc’s dependence on Russian energy supplies, as the United States intends to work with its international partners to provide at least an additional 15 billion cubic meters of liquefied natural gas to Europe this year. .
The United States is considering withdrawing more of its strategic oil reserves to counter rising energy prices in the wake of the Russian-Ukrainian war, but the quantities that will be withdrawn are still being studied, Bloomberg Agency reported, citing a person familiar with the matter.
Oil prices fell earlier today, affected by the resumption of exports from the crude oil terminal in Kazakhstan in part and the European Union’s failure to agree on a decision on a ban on Russian energy supplies as members remained divided on the issue, but some countries, including Germany, pledged to act to reduce its dependence on Russian imports
And on the developments of “Corona” in China, cases of “Covid-19” virus in Shanghai rose by more than 60% in one day, to reach a record level, which portends the possibility of tightening the restrictions imposed in the country to control the new wave of infections.