Increase in oil prices due to winter fuel demand
Oil prices surged significantly on Friday, December 10th. The price per barrel of North Sea Brent oil for delivery in March reached $78.07, which was $115 higher than the previous day. Additionally, the price of US WTI crude for delivery in February increased by $111 to reach $75.03. These price hikes come as oil sees its third consecutive week of price increases.
Market analysts attribute the price increase to factors such as severe winter cold and increased demand for fuel. Furthermore, the reduction in oil production in Russia compared to previous agreements within the OPEC+ framework is also cited as another reason for the price hikes.
On the other hand, concerns about the possibility of increased pressure on Iran following the inauguration of the new US government under President Donald Trump have also heightened anxiety in the oil market. It is predicted that these changes may impact Iran’s circumvention of sanctions and clandestine oil exports, further fueling concerns in the oil market.
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