On December 26, the increase in oil prices was recorded, which resulted from positive expectations for economic incentives in China and reducing "black gold" reserves in the United States.
According to Reuters , Brent oil futures increased by 39 cents (0.5%) to $ 73.97 per barrel. At the same time, the price of US oil (West Texas Intermediate) increased by 43 cents (0.6%) to $ 70.53 per barrel.
- China: Investors expect new fiscal and monetary incentives that can support the country's economy, the second largest oil consumer in the world. Giovanni Sustanovo with UBS stated that these expectations contribute to rising prices.
- USA: The American Oil Institute reported a decrease in raw oil reserves last week, which caused hope for a further increase in demand.
Analysts believe that price rises can continue if positive economic news from China and the US is preserved and oil demand remains stable.
