2023-12-19 22:07:00
West Texas Crude Oil Contract (WTI) for delivery in January. which was traded on the Nymex exchange, added 97 cents, or 1.34%, to close at $73.44/barrel. As for the Brent crude oil contract February delivery rose 1.28 dollars or 1.64% to close at 79.23 dollars/barrel.
WTI oil prices were supported by expectations that Global oil supplies may be affected by Yemen’s Houthi rebels attacking cargo ships in the Red Sea.
However, Goldman Sachs predicts that The Houthi attack will not have much of an impact on crude oil and liquefied natural gas (LNG) prices, as rerouting cargo ships will prevent them from being directly affected by the attack.
Meanwhile, investors responded to news that Russia announced a reduction in oil exports by 50,000 barrels/day in December. This is faster than previously promised. The goal is to support oil prices in the world market.
Moreover, oil prices were supported by the weakening of the dollar. This increases the attractiveness of the contract. This makes oil contracts cheaper for holders of other currencies.
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