INSUBCONTINENT EXCLUSIVE:
This upturn ended a streak of five consecutive sessions of gains.Market perception suggests that the cold front in the United States will
likely increase demand for heating fuel
Investors are also concerned about the supply capacity of oil from Russia and Iran.These factors have contributed to the renewed upward
Brent crude futures for March delivery rose by 0.98% to $77.05 per barrel on the Intercontinental Exchange.Meanwhile, West Texas
Intermediate (WTI) crude futures for February delivery climbed 0.94% to $74.25 per barrel on the New York Mercantile Exchange
analysts and traders predicts a decrease in United States commercial crude oil inventories
They expect a reduction of 1 million barrels to 414.6 million barrels for the week ending January 3
This would mark the seventh consecutive week of decline.Oil Prices Rebound as Cold Weather Boosts Heating Fuel Demand
(Photo Internet reproduction)The United States Energy Department will release official data tomorrow, which may further influence market
As winter sets in across the northern hemisphere, the increased demand for heating fuel could continue to support oil prices in the short
term.This price movement underscores the delicate balance between supply and demand in the global oil market
It also reflects the ongoing challenges faced by major oil-producing nations in managing output levels to maintain price stability.
