Brent extends gains, rises near $86

2022-01-14 18:19:35 GMT (Economies.com)
Brent extends gains, rises near $86

Oil prices rose on Friday, to head for weekly gains, despite the US dollar's rise against most currencies.

 

Oil is being lifted by the gradual recovery in global demand, despite the lingering concerns over the coronavirus and its impact on the market.

 

China agreed to a US request to withdraw from its strategic oil reserves by February.

 

OPEC-Plus agreed to keep its production policy unchanged with an increase of 400,000 barrels per day in February.

 

Data showed on Wednesday that US crude inventories fell more than expected during the past week.

 

The dollar index rose against a basket of major currencies by 0.5% to 95.2 points as of 18:00 GMT, after hitting a high of 95.2 points and a low of 94.6 points.

 

WTI February futures rose 2.2% to $83.9 a barrel, as of 17:56 GMT.

 

Brent March futures rose 1.7% to $85.9 a barrel.

 
 
 
  Symbol Last Change Chg.%
1.1346
-0.0058
0.5127%
1.3554
-0.0103
0.7569%
Tadawul
12238.77
-35.50
0.29%
24.347
1.336
5.803%
84.900
1.031
1.229%
87.69
-0.69
0.78%
1834.610
14.150
0.777%
 
 
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