Oil prices rose slightly on Monday morning after declining over the past seven weeks, Report informs via Interfax.
February futures for Brent rose in price on the London ICE Futures exchange by $0.52 (0.69%), to $76.36 per barrel. On Friday, Brent rose $1.42 (1.9%) to $75.47 per barrel.
January futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $0.41 (0.58%) and amounted to $71.64 per barrel. During the previous session, the contract rose in price by $1.89 (2.7%) to $71.23 per barrel.
At the end of last week, the price of Brent fell by 3.9%, and WTI dropped by 3.8%. Both brands ended in the red for the seventh week in a row, something not seen since 2018.
Since the end of September, oil prices have fallen by about 20%, even as OPEC+ countries, including Russia and Saudi Arabia, extended and deepened voluntary oil production cuts.
Oil market participants are also assessing data that consumer prices (CPI) in China fell by 0.5% year-on-year in November, the fastest pace since November 2020. The consensus forecast was for a decline of 0.1% last month, Trading Economics notes. In October they fell by 0.2%.
