Oil jumps 2% on demand optimism - Breaking The News

Oil jumps 2% on demand optimism

10 January

1 min read

EPA-EFE/SASCHA STEINBACH

Crude prices rose on Friday as the markets analyzed the latest market report by the International Energy Agency (IEA), which showed crude oil inventories in the US dipping by one million barrels in the week ending January 3. The rising demand for heating fuels, spurred by colder weather, also contributed to the price increase.

Moreover, US President-elect Donald Trump's intention to overturn the ban on offshore drilling instituted by incumbent President Joe Biden also weighed on the market.

West Texas Intermediate (WTI) for February's settlements advanced by 2.23% at 4:35 am ET and sold for $75.54 per barrel. Meanwhile, Brent for the same month's deliveries increased by 2.11% a minute later, selling for $78.54 per barrel.

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