NEW YORK/LONDON (dpa-AFX) – Oil prices continued their recent gains on the Thursday after the New Year. A barrel (159 liters) of North Sea Brent for delivery in March last cost 74.82 US dollars. That was 18 cents more than on Tuesday. The price of a barrel of US WTI for delivery in February rose 18 cents to $71.90.
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Oil prices were supported by inventory data from the USA. According to a report from the American Petroleum Institute, crude oil inventories fell again last week. This would mark the sixth consecutive decline if official government data confirms this in the afternoon. The data suggests a declining supply of crude oil, which is driving up prices accordingly.
In addition, hostilities in the Middle East and the war in Ukraine continue, and an intensification of conflict in either region could provide additional short-term support for oil prices. Further sanctions disrupting Iranian and Russian supplies could also increase demand for alternative supplies from the Middle East and other regions.
However, overall weak economic data from the important importing country China proved to be a burden on oil prices. The mood in the manufacturing sector of the world’s second largest economy has recently deteriorated significantly./la/mis