Fears of the impact of winter storms on logistics and production (Getty)
go up oil In thin transactions on Tuesday, spurred by concerns regarding the impact winter storms across the United States on the logistics and production of petroleum and shale oil.
By 01:22 GMT, Brent crude futures rose 73 cents, or 0.9 percent, to $84.65 a barrel. West Texas Intermediate crude futures rose 85 cents, or 1.1 percent, to $80.41 a barrel.
Brent crude increased 3.6 percent on Friday, at a time when West Texas Intermediate crude rose 2.7 percent. Both benchmarks posted their biggest weekly increase since October. Markets in Britain and the United States were closed on Monday due to the Christmas holidays.
“Fears of supply disruptions due to winter storms in the United States spurred buying, albeit thin as many market participants are on holiday,” said Kazuhiko Saito, senior analyst at Fujitomi Securities.
A massive blizzard hit Buffalo, New York on Christmas Day, stranding motorists and rescue teams, knocking out power to thousands of homes and adding to the death toll from the storms that have swept the United States for days.
Concerns regarding possible cuts in Russian oil production also supported prices today.
The Russian Information Agency quoted Russian Assistant Prime Minister Alexander Novak as saying on Friday that Russia may cut oil production between five and seven percent in early 2023 in response to the imposition of a ceiling on its oil prices by Western countries.
(Archyde.com)
