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Oil continues to rise in price after rising the day before


January, 08 2025
watermark Economic news

Oil prices continue to rise, reaching their highest levels since October. Brent futures for March delivery rose to $77.85 per barrel. 


The day before, this grade rose by $0.75 (+1%), closing at $77.05. WTI futures for February delivery added $0.41 (+0.55%) and reached $74.66 per barrel, after rising by $0.69 (+0.9%) a day earlier. Both brands ended the previous session at their highest levels since October.


Growth factors:


  • Seasonal demand. The good travel figures during the holiday period supported the optimism.

  • Chinese incentives. Expectations of economic support in China are pushing the quotes up.


Inventory data:


The American Petroleum Institute (API) reported a decrease in oil reserves in the United States by 4 million barrels per week, which was the fifth decline in a row. If the official data of the Ministry of Energy confirms this assessment, it will strengthen the market. Analysts predict a decrease in stocks by 250 thousand barrels.


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