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Commodities: oil prices continued to rise on Friday

20/01/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Oil prices continued to rise on Friday, on track to complete a 2nd consecutive week of rising to the highest level since early December. While the gas kept falling back.

The North Sea Brent barrel for delivery in March traded at 86.28 dollars, up 0.14%, shortly after 8:00am on Friday, after rising 1.38% to $86.16 the previous evening, its highest closing level since the beginning December. 159 liters of the American equivalent of West Texas Intermediate (WTI), with expiration in February, traded at $81.00, after gaining 1.06%, to $80.33 on Thursday evening. While the International Energy Agency (IEA) estimates that global consumption will probably reach a record daily average this year, the prospect of a resumption of Chinese demand - the Middle Kingdom representing the largest importer of crude - seems to make investors forget the accumulation of American stocks. For its part, the price cap imposed on Russia could hurt the offer.

Gas prices continued to fall, with the Dutch Title Transfer Facility (TTF), a benchmark futures contract on the Amsterdam Energy Exchange, selling 1.61% to 60.72 euros per megawatt hour (MWh). On Friday morning, the TTF showed a weekly fall of 9.1% and 42.55% over one month despite an increase compared to the lowest since September 2021 of 51.40 euros per MWh reached Wednesday.

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