Thursday, July 7, 2022

Oil reaches highest level in 3 months


Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Brent crude Oil futures rose six cents, or 0.1%, to $67.98 a barrel, after rising to $68.10, the highest level since September, and U.S. West Texas Intermediate crude futures rose 11 cents, or 0.2%, to $61.79 a barrel.

Thursday’s survey showed that US consumer purchases over the holiday season reached a record high that exceeded analysts’ expectations and pushed US stocks higher.

Oil prices are also receiving support from strong hopes that the new year will see an end to the long-running trade war of tariffs between the United States and China, a dispute that has clouded the outlook for global economic growth and left questions about the future of demand for crude.

The continuing impact of a long period of trade conflict appeared again in data from Japan, the world’s third largest economy, on Friday, which revealed the contraction of industrial production for the second month in November.

But the price of Brent jumped more than a quarter since the beginning of 2019, while West Texas Intermediate crude rose about 35% with the support of the moves of the Organization of Petroleum Exporting Countries (OPEC) and other producers, including Russia, to curb production, and earlier this month, OPEC and its allies agreed to Extend and increase those cuts.

Read also: US economy continued its robust growth pace in the third quarter CY

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