Oil prices fell last Friday to their lowest levels in four months, and investors who took short positions made profits from this rise, while US sanctions on some Russian oil trucks were introduced.
The settlement price of Brent crude oil contracts increased by 4.1% to USD 80.61 per barrel, and WTI crude rose by 4.1% to USD 75.89 per barrel.John Kilduff, a partner at agin capital in New York, noted that this rise is a natural consequence of taking profits and covering exposed positions.
Some losses were offset by the imposition of US sanctions on maritime companies and ships transporting Russian oil at prices exceeding the maximum price of the group of seven, despite this, both crude fell by more than 1% during the week, the fourth decline in a row, due to an increase in US oil inventories and the continuation of record production.
Prices have also been affected by the worsening real estate crisis in China and the slowdown in industrial growth, and Andrew libo, president of libo Oil Associates, noted that demand growth from China was below expectations.
