Oil prices recover with prospects of higher demand

After losing ground on Friday, oil prices are rising again.

by MARKETWIRE, translated by kristoffer grønbæk

Oil prices are increasing on Monday morning due to signs of higher oil demand globally.

Traders are showing optimism the Chinese market after Beijing eased back on strict zero-Covid measures, whereas the US government has decided to buy back oil for its strategic reserves, which to some extent were distributed to markets previously in the year to push down prices, writes news agency Reuters.

A barrel of European reference oil Brent – for delivery in February – trades for USD 79.68 on Monday morning against USD 78.5 at closing hours on Friday, while US benchmark crude West Texas Intermediate – for delivery in January – costs USD 74.93 compared to a barrel price of USD 73.56 on Friday.

Prices declined strongly on Friday after the US Federal Reserve and European Central Bank stoked concern about a looming recession.

Overall, markets are acting bearish Monday morning, with equities losing ground on most Asian stock exchanges.

Elsewhere in commodities, one troy ounce of gold trades for USD 1,791.35 Monday morning, up from USD 1,787.95 Friday afternoon.

Oil prices slide on stronger dollar, outlook to further rate hikes

Surprise rise in US inventories weighs on oil prices ahead of Fed meeting

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