February 1, 2023

Oil prices stabilized today, Friday, amid limited market deals that ended a week clouded by concerns about demand from China and talks on a price ceiling proposed by the G7 countries for Russian oil.

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Brent futures rose 22 cents, or 0.3 percent, to $85.56 a barrel by 14:47 GMT.

Futures for US West Texas Intermediate oil jumped 43 cents, or 0.6%, to $78.37 a barrel. On Thursday, an agreement on WTI was not reached due to the Thanksgiving holiday in the US.

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The two crude oil contracts are on track to record their third consecutive weekly decline after hitting their lowest level in ten months this week.

China, the world’s largest oil importer, set a new record for COVID-19 infections on Friday as cities across the country continued to impose travel restrictions among other restrictions to fight the disease.

A note from ANZ showed that this has begun to reduce demand for fuel as vehicle traffic has dwindled.

Diplomats from the G7 and the European Union are debating a ceiling on Russian oil prices ranging from $65 to $70 a barrel, aimed at limiting the revenues that finance Moscow’s military offensive in Ukraine without disrupting global oil markets.

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