The prices of Petroleum rose amid low market liquidity, closing a week marked by concerns about the chinese demand and the debate over a Western price cap for Russian crude.
crude oil futures Brent were up $1.29, or 1.5 percent, at $86.63 a barrel, while futures for the West Texas Intermediate in the United States (WTI) they earned $1.56, or 2 percent, to $79.50.
Yesterday the WTI due to the festival of Thanksgiving Day in the United States and trading volumes remained low. Both contracts were headed for their third consecutive weekly decline, having hit 10-month lows this week.
Chinathe world’s largest oil importer, reported a new daily record for infections by covid-19as cities across the country continue to apply mobility measures and other brakes to control outbreaks.
This is starting to affect the fuel demandwith traffic falling and an implicit demand for oil around 1 million barrels per day below average, according to a note from ANZ.
Meanwhile, diplomats from G7 and of the European Union They have been discussing a cap on the price of Russian oil between $65 and $70 a barrel, but no agreement has yet been reached.
The goal is to limit revenue to finance the Moscow military offensive in Ukraine without disrupting global oil markets, but the proposed level is in line with what Asian buyers are already paying.
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