Oil settles higher, records first weekly drop in 2024

13/01/2024 Argaam

Oil rises 2% as Middle East tensions escalate

Oil drilling rigs

Oil prices settled higher on Friday as markets evaluated expectations for higher demand for crude amid concerns for low supplies as the US launched air strikes on Houthis in Yemen.

 

Brent crude for March delivery rose 1.15% to $78.29 a barrel, after reaching $80.75 a barrel, reducing its weekly loss to 0.6%.

 

WTI contracts for February delivery added 0.9% to $72.68 a barrel, after touching $75.25 to cut its weekly loss to 1.55%.

 

China’s crude imports fell by 11% year-on-year to 563.99 million metric tons (11.28 million barrels per day) in 2023.

 

The US drilling rig count declined by two units to 499 in the week ended Jan. 12, Baker Hughes energy services firm said in its closely followed report on Friday.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read