Price of a barrel of oil is rising after a period of declines
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| Oil Prices Today |
Oil prices rose during trading yesterday, November 11, before paring some gains after the health authorities in China eased some strict restrictions related to the Corona pandemic in the country, which boosted hopes for an improvement in economic activity and an increase in demand in the largest importer of crude in the world.
Oil prices in US crude futures rose by about $2.49, or by 2.88%, and reached $88.96 a barrel when settling, but it incurred losses this week by about 4%.
As for oil prices in Brent crude contracts, it rose by 1.1%, which is equivalent to about $2.32, and reached $95.99 per barrel upon settlement, but Brent crude recorded weekly losses of 2.6%.
Global events and their impact on oil prices
We find that Brent crude and US Texas crude each incurred weekly losses, due to rising US oil inventories and continuing concerns about limiting fuel demand in China, but the weekend's gains limited these losses.
A weak US dollar boosts demand for oil because it makes it cheaper for buyers of other currencies, and prices also rose on Friday after a less-than-expected rise in US inflation boosted hopes that the Federal Reserve will cut the size of upcoming interest rate hikes.
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