Brent and WTI Prices Rise Amid Quarantine in China

Brent crude oil futures have increased to $85.42 per barrel, as reported by Interfax. Despite this rise, the week is concluding at lower levels. Oil prices have lost some of the gains made on Friday and may show a weekly decline due to growing concerns among traders regarding oil demand prospects in China.

COVID-19 cases continue to rise in China, prompting authorities to implement new quarantine measures. Strict restrictions have been imposed in several major cities across the country, from the northern port city of Tianjin to the southern city of Guangzhou.

As of 18:50 Moscow time, Brent January futures on the London ICE Futures exchange have risen by $0.08 (0.09%), reaching $85.42 per barrel. Meanwhile, WTI January futures on the New York Mercantile Exchange (NYMEX) have increased by $0.34 (0.44%) per barrel to $78.28.

Since the beginning of the week, Brent has decreased by 2.5%, while WTI has fallen by 2.2%.