Oil prices rise due to supply restrictions and fear of a...

Oil prices rise due to supply restrictions and fear of a Russian attack on Ukraine

Cairo – the middle gate Saturday 15 January 2022, 10:31 am

alwasat radio Oil futures rose at the close of trading on Friday, supported by supply restrictions, and fears of a Russian attack on neighboring Ukraine; This pushed prices towards gains for the fourth week.

This rise came despite sources saying that China is preparing to withdraw from its crude reserves near the Lunar New Year, according to CNBC Arabic.

Brent futures contracts ended the trading session up by $1.59, or 1.9%, to record at the settlement of $86.06 a barrel, the highest level in two and a half months, up by 5.4% in the week.

US West Texas Intermediate crude contracts rose $1.70, or 2.1 percent, to $83.82 a barrel, recording an increase of 6.3 percent in the week. US officials expressed fears yesterday that Russia was preparing to attack Ukraine if diplomacy failed.

– Oil Corporation: $21 billion and 555 million, total revenues achieved during the year 2021

Russia, which has amassed 100,000 soldiers on the Ukrainian border, has released pictures of its forces’ movement.

The biggest drop in the dollar in nearly a year
Crude oil prices turned higher as the dollar headed for what could be its biggest weekly drop in nearly a year. A weak dollar makes commodities more accessible to holders of other currencies.

Several banks expected oil prices to reach $100 per barrel this year; Where demand is expected to exceed supply.

However, sources told “Reuters” that China intends to withdraw from oil reserves near the Lunar New Year holiday between January 31 and February 6. As part of a plan coordinated by the United States with other major consumers to lower global prices.

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