Oil Prices rose on Friday in international markets by two percent, primarily due to concerns over supply from Russia. The price of a barrel on the London market increased by $1.40 compared to the previous close, reaching $82.38. A barrel was traded on the American market at a price $1.49 higher, at $78.98. Prices on both markets are on a growth path for the second consecutive week.
Russia could reduce oil production by five to seven percent at the beginning of 2023 in response to price caps, quoted the news agency RIA on Friday, citing Deputy Prime Minister Alexander Novak.
– Crude oil prices have risen as energy traders focus on Moscow’s reaction to the price cap on Russian oil, rather than on the thousands of canceled flights that will disrupt holiday travel in the U.S. – said Edward Moya from OANDA.
More than 4,400 flights in the U.S. were canceled over two days due to a winter storm, coinciding with the holiday travel season, which some predicted could be the busiest yet.
On Thursday, oil prices on both sides of the Atlantic fell due to flight cancellations. A snowstorm could also disrupt drivers’ travel plans during Christmas and New Year, reducing gasoline consumption. However, demand for heating oil could increase, as extreme weather conditions are expected to cause power outages.
The Organization of the Petroleum Exporting Countries (OPEC) announced today that on Thursday, the price of a barrel of its members’ oil basket increased by $1.78 compared to the previous day, reaching $81.14.
