Oil prices rose slightly on Friday.
Shortly before the end of the year, market observers spoke of a comparatively low trading volume and price movements were kept within narrow limits. A barrel (159 liters) of North Sea Brent for delivery in February last cost 73.41 US dollars. That was 15 cents more than the day before. The price of a barrel of US WTI for delivery rose 20 cents to $69.82.
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As trading continues, data on the development of oil reserves in the USA could cause more movement on the oil market. The US government’s weekly data on crude oil inventories is expected in the afternoon. Due to the holidays, the data will not be published until Friday.
In general, the geopolitical situation in the Middle East remains a determining factor for the oil market. A military strike by Israel against targets in Yemen was initially unable to provide a strong boost to oil prices. Israel has recently intensified its counterattacks after repeated rocket attacks by the Houthis in Yemen.
The Iran-backed Houthi militia threatens important shipping routes in the Persian Gulf. In recent months, the militia has fired on oil tankers several times, increasing concerns about supply bottlenecks on the route that is important for global oil trade.
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NEW YORK/LONDON (dpa-AFX)