Oil closed higher today, Dec. 19, amid optimism about the outlook for crude demand and plans to replenish the US strategic reserve.
Chinese President Xi Jinping concluded a meeting to set priorities for 2023 that include restoring and expanding consumption, which could help support energy demand even as COVID-19 cases increase.
Meanwhile, the US Department of Energy announced last week that the authorities are moving to refresh the strategic petroleum reserve, starting with the purchase of 3 million barrels at a fixed price.
However, oil is heading towards recording the second monthly decline in a row, with concerns about the recession of the American and European economies in the next year, amid the continued raising of interest rates by central banks.
Brent crude rose 0.9%, or 76 cents, to close at $79.80 a barrel. WTI crude increased by 1.2%, or 90 cents, to $75.19 a barrel.
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