LAST UPDATE: 17:48
Oil continues to rise after the small losses in the morning, while the market is weighing a series of supply cuts against smaller quotas in China, the largest importer of crude in the world, according to Bloommberg.
In particular, the crude type West Texas Intermediate February Delivery is currently at $ 77.03 a barrel, an increase of 0.61%.
At the same time, press oil Brent March delivery moves to $ 79.66 a barrel, marking in turn an increase of 0.57%.
“This increase reflects the recognition that economic activity remains strong enough despite the apparent worsening of the pandemic,” said Pavel Molchanov, an analyst at Raymond James & Associates. “Consumer behavior and the overall economy are in good shape, and that is ultimately what matters most to oil demand.”
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