Oil becomes slightly more expensive

By 10:30 a.m., the price of U.S. WTI oil for February delivery had risen 0.4% to $79.91 a barrel. European-grade Brent was trading 0.5 percent higher at 84.35 euros a barrel.

China announced on Monday that it was lifting the mandatory quarantine for people wishing to enter the country on January 8. This is a new and unexpected step taken by Beijing to ease its very strict corona restrictions.

Furthermore, freezing temperatures in the United States are also a factor. As a result, more than a third of oil refining capacity on the Gulf Coast has been shut down for days, including the country’s two largest facilities.

Oil prices also rose significantly on Friday. They were then pushed by Russia’s threat to cut crude oil production 500,000 to 700,000 barrels per day next year, in response to price caps agreed by the EU, G7 and Australia in early December to limit Russian oil revenues.