Oil prices rose on Friday by over 2 per cent on expectations of a drop in Russian crude supply, which helped offset worries of a hit to United States of Aemrica (U.S.A) transport fuel demand growth. This is coming in spite of a looming Arctic storm which threatens travel during the holiday season.
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The Cable reported that Brent crude was up by 2.63 percent to $83.71 a barrel while US West Texas Intermediate (WTI) crude rose 2.09 percent to $79.11 a barrel. Reuters reported that Brent Crude was up by $1.72, or 2.10 per cent, to $82.70 a barrel at 1305 GMT, while U.S. West Texas Intermediate (WTI) crude was at $79.37 a barrel, up $1.88, or 2.37 per cent.
Both contracts were up by more than $2 per barrel earlier on Friday and on track to post their second weekly gain. Conversely, Russia’s Baltic Oil exports, could fall by 20 per cent in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations.
Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps.
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