Increase in Oil Prices Following Winter Fuel Demand
On Friday, December 10, oil prices rose significantly. The price of a barrel of Brent crude oil from the North Sea for delivery in March reached $78.07, which was $1.15 more than the previous day. Additionally, the price of U.S. crude oil (WTI) for delivery in February increased by $1.11, reaching $75.03. This price increase comes as oil heads toward its third consecutive week of rising prices.
Market analysts attribute the price increases to factors such as severe winter cold and increased demand for fuel. Additionally, the reduction in oil production in Russia compared to previous agreements within the OPEC+ framework has been cited as another reason for the price hikes.
On the other hand, concerns about the potential intensification of pressures on Iran following the inauguration of the new U.S. administration under President Donald Trump have also fueled anxiety in the oil market. It is predicted that these changes may affect Iran’s circumvention of sanctions and the covert export of Iranian oil, adding to the concerns in the oil market.