Oil prices continued to rise on Friday after rising 3% in previous trading and are ending a week positively for the first time in the last eight weeks, Report informs via Interfax.
The price of February futures for Brent on the London ICE Futures exchange amounted to $76.96 per barrel, which is $0.35 (0.46%) higher than at the close of the previous session.
WTI oil futures for January in e-trading on the New York Mercantile Exchange (NYMEX) rose by $0.31 (0.43%) to $71.89 per barrel.
This week, Brent rose in price by almost 2%, and WTI - by 0.9%.
The oil market was supported yesterday by a significant weakening of the US dollar on expectations of a sharp cut in the base interest rate by the Federal Reserve next year.
A weakening dollar makes commodities more attractive to holders of other currencies.
Signals from the Fed led to increased risk appetite in global markets, and traders largely ignored the International Energy Agency's (IEA) downgrade of its forecast for global oil demand in 2023, Market Watch notes.
