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The rise in oil prices cannot be stopped!

Oil is preparing to close this week with gains, albeit in limited quantities.

Even though US crude oil slackened below $111 on the last trading day of the week, it was at a premium of 0.3 percent on a weekly basis. Brent oil is also trading at around $111.

According to the news in Bloomberg, the news flow from China on the last trading day of the week shows its effect on the market. While the record cut in loan interest rates in China reduced the economic concerns in the markets to some extent, the detection of a Covid-19 case outside the quarantine zones after 5 days in Shanghai, which was struggling with the epidemic, brought the concerns about the measures back to the agenda.

In Shanghai, which has entered the 8th week of the quarantine measures implemented due to the epidemic triggered by Omikron cases in China, one of the world’s largest oil consumers, manufacturing, construction and trade companies carry out their activities under closed-circuit epidemic protection measures.

On the other hand, the EU announced that it plans to invest 300 billion euros in the energy field to end its dependence on Russian oil and gas.

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