Oil prices are rising and heading for the sixth consecutive weekly...

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Posted on: Friday, January 28, 2022 – 11:33 AM | Last update: Friday, January 28, 2022 – 11:33 AM

Oil prices rose during Friday’s trading, near the highest level in seven years, and are heading to record the sixth consecutive weekly gain, with signs of a recovery in global demand for crude.
Oil prices rose despite the dollar’s jump after the Federal Reserve’s meeting this week, during which it hinted at its willingness to raise interest rates in March to curb inflation.
Attention will be directed to the “OPEC +” meeting next week, which will be held to assess the market and determine the supply policy.
Regarding geopolitical developments, US President Joe Biden warned his Ukrainian counterpart, Volodymyr Zelensky, that there was a possibility that Russia invaded Kiev in February.
In terms of trading, the futures contracts for the standard “Brent” crude for March delivery rose by 0.79% to $90.05 a barrel, at exactly 08:55 am Mecca Al-Mukarramah time, after exceeding the level of $91 yesterday, Thursday.

US “NYMEX” crude contracts for March delivery rose 0.85% to $87.35 a barrel.

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