After closing the previous week with a slight downward trend, On the morning of this December 19, oil dawns relatively stable.
For this Monday, futures for Brent and West Texas Intermediate (WTI) contracts posted a slight rise of less than one percent, so the figures in relation to the close of Friday, December 16, they are stable.
Having said that, black gold continues to struggle to get back to $80 a barrel after a steep drop last week. The performance of the energy market is the result of the pessimism regarding the economic recovery of China, which is the largest oil importer globally.
Despite having relaxed the zero covid-19 policy, What is certain is that the prospects for economic recovery in Beijing are low, which has negatively affected oil prices. However, the country asks for patience, since it assured that the reopening of the economy will eventually raise demand for the fuel.
Regarding the landscape in USA, the Department of Energy announced that it will begin to buy back the barrels of its Energy ReserveBeing the first buyback program since the country released 180 million barrels with the aim of containing the fuel prices.
Brent and Texas oil barrel prices today, December 19: how much is it and how much is it trading?
According to the most recent update of Oil Price Chartsfamous website with more than 150 oil indices and mixes, for this Monday, December 19, a barrel of Brent crude is trading at $80.14 dollars, while the WTI is at $75.62 dollars.
The prices of both references rose less than one percent from the previous week’s closewhen Brent traded at $79.04 and the US equivalent, West Texas Intermediate, at $74.29.