January 14, 2022

Not good news from China, rising oil price hikes

 Crude oil trading remained strong despite slightly depreciated as the market was over the end of the week.

Towards the opening of the European session, crude oil futures traded increased at $ 84.56 per barrel, while WTI The United States was trading stable at $ 82 per barrel.

Both crude oil benchmarks are now on track to record a fourth consecutive weekly increase.

The latest news from the Great Wall of China slightly shakes crude oil trading, as well as impressed with profit-taking activities by investors by the weekend.

The world's second-largest oil user, China has suspended several international flights and stepped up efforts to curb the contagion of the COVID-19 in Tianjin and Dalian.

Many cities, including Beijing, are also directing the public to reduce the movement on the Chinese New Year's holiday holidays that can stimulate the demand for fuel.

However, oil trading remained strong despite slightly depreciated due to these factors, witnessing both benchmarks traded at the highest level of almost two months.