The price of oil has increased

Today, 12 December, the price of oil increased by 1%.   The reason is that the main pipeline supplying the USA with oil has been closed.   Russian President Vladimir Putin has threatened to cut production in response to Western restrictions on export prices.   This was reported by “Reuters” agency.

Brent crude futures were up 30 cents, or 0.4 percent, at $76.40 a barrel at 3:00 a.m. today, 12 Dec.  U.S. West Texas Intermediate (WTI) crude was up 51 cents, or 0.7 percent, at $71.53 a barrel.

Brent and WTI prices fell last week.  As a result, oil prices hit their lowest level since December 2021 because a potential global recession may affect oil demand.

OANDA market analyst Edward Moya predicted that oil prices will continue to rise.

“Oil prices will rise because the Keystone pipeline remains closed.  China’s COVID control is easing and Russia may cut production,” the analyst said.