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Oil price increasing

Oil price increasing
Oil price increasing

The price of oil on the world market has risen again during the last trading day.

Brent oil futures for January delivery rose by 0.68%, $ 73.72 a barrel.

Meanwhile, WTI January futures rose by 0.94%, $ 70.61 a barrel.

The positive dynamics of prices in the oil market are observed, though less visible than the previous day.

Several countries have started selling oil from national reserves.

The United States has asked several Asian countries to release strategic oil reserves in order to put pressure on OPEC and reduce oil prices on world markets. Joe Biden's coalition is trying to lower world oil prices by selling state supplies.

For its part, the Organization of the Petroleum Exporting Countries (OPEC) predicts that the release of oil from strategic reserves may lead to an excess supply on the world market. Several OPEC delegates noted that in the event of an oversupply of oil on the market, the organization might abandon the planned increase in oil production in January.

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