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Brent oil reaches US$83,55/barrel due to weekly increase.
Oil prices hit a nearly two-month high on Wednesday, ending with yet another weekly gain, as positive US economic growth and signs of Chinese stimulus boosted demand expectations, at the same time as concerns with the offer in the Middle East added more support.
Brent crude rose $1,12 or 1,36% to $83,55 per barrel, marking its highest closing price since late November.
US West Texas Intermediate (WTI) rose $0,65 or 0,84% to $78,01 per barrel, also the highest close since November.
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INDUSTRY AND TRADE – FREE MARKET
Chinese stimulus boosts oil prices
China's economic stimulus, coupled with stronger-than-expected GDP growth in the US in the fourth quarter, contributed to the rise in oil prices. You inflation data in the USA showed a slowdown, but geopolitical risks ongoing activities also had an impact. Furthermore, the larger than expected drop of 9,2 million barrels in oil stocks in the US last week also influenced the rise in prices, according to Tim Evans, an independent oil market analyst.
Brent and US index post biggest weekly gains since October
Brent crude and the U.S. benchmark index both posted weekly gains of more than 6%, marking the biggest rise since the week ending Oct. 13, during the start of the Israel-Hamas conflict in Gaza. This represents a significant boost in oil prices, with the market responding to the combination of factors that contributed to this increase.
Source: CNN Brazil
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