The price of the barrel of brent Oil, for delivery in February, ended this Monday, January 23, in the London futures market in $88.180.63% more than at the end of the previous session.
North Sea crude oil of reference in Europe, concluded the day in the International Exchange Futures with an increase of 0.55 dollars with respect to the last negotiation, when it closed at 87.63 dollars.
(See: Energy, such as oil and coal, show a fall in prices).
The end of the restrictions due to the pandemic in China and the celebrations for the new year in the Asian country continue to boost expectations about the evolution of the demand for crude oil.
The Brent price has rebounded since earlier this month it fell below the psychological barrier of 80 dollars per barrel.
(See: Oil prices fall on demand concerns).
The intermediate oil price of Texas (WTI) fell a slight 0.02% this Monday and closed at $81.62 a barrel, after ending last week at its highest level since November on optimism about the reopening of Chinathe world’s leading importer of oil.
(See: Recession fears push the price of oil down).
At the close of business in NYWTI futures contracts for March delivery were down $0.02 from the previous day’s close.
Investors remain optimistic about the lifting of restrictive measures in Chinathe largest importer of oil, as they hope this will lead to a revival of the economy and energy consumption, especially during the celebrations of the Chinese New Yearwhich started last weekend and will last for days.
(See: Oil rebounds after purchases of crude from the United States).
The benchmark oil prices of USA they can go up “Not only because of the improvement in China’s prospects, but also because of the expectations that the Federal Reserve (Fed) may reduce the pace of rate hikes”said Lukman Otunuga, manager of market analysis at FX™in statements collected by Market Watch.
At the next Fed meeting, from January 31 to February 2, the central bank is expected to raise interest rates by a quarter of a percentage point.
On the other hand, natural gas futures contracts for March added to $0.18, up $3.22, and those of gasoline maturing the same month they earned $0.05 a gallon, down to $2.7.
EFE
