NEW YORK / LONDON (dpa-AFX) – Oil prices rose on Tuesday. A barrel (159 liters) of North Sea Brent cost $84.74 around midday. That was 82 cents more than on Friday. The price of a barrel of American West Texas Intermediate (WTI) grade rose by 70 cents to $80.26.
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On the market, the rising oil prices were mainly explained by the new easing of corona measures in China. This has generally made the financial markets more willing to take risks, which also pulled oil prices up. The day before, China had announced the end of the quarantine requirement for travelers to the People’s Republic.
The oil prices thus tied in with the price gains before the Christmas holidays. Oil prices rose sharply last Friday after Russia raised the possibility of cutting its crude oil production by 500,000 to 700,000 barrels a day in the new year./jkr/jsl/stk