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Oil Rises on Projected Russian Shipments, Balances U.S. Storm Damage

Haiden Holmes

Dec 23, 2022 11:56

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Oil prices increased on Friday on predictions of decreased Russian crude shipments from the Baltic area in December, balancing concerns that a potential Arctic storm across the United States will stifle growth in holiday season transport fuel demand.


Brent crude increased 88 cents, or 1.1%, to $81.86 a barrel at 01:48 GMT, while U.S. West Texas Intermediate crude rose 92 cents, or 1.2%, to $78.41 per barrel.


After the European Union and G7 nations put sanctions and a price ceiling on Russian petroleum on December 5, according to estimations by traders and Reuters, Russia's Baltic oil shipments might decrease by 20 percent compared to the previous month.


"As energy markets focus on Moscow's response to the price ceiling placed on Russian oil, crude prices are on the rise," said Edward Moya, an analyst with OANDA.


Due to the winter storm, more than 4,400 U.S. flights were canceled during a two-day period, coinciding with a Christmas travel season that some estimate would be the busiest ever.


Oil prices on both sides of the Atlantic fell down on Thursday after flights were canceled. The snowstorm might also disrupt holiday travel plans, resulting in a decrease in petroleum use.


Extreme weather is anticipated to produce power disruptions, which might increase the demand for heating oil.


"This Arctic storm may leave many travelers dissatisfied, but it demonstrates that we are moving closer to typical travel practices," Moya added.


Brent and WTI are poised for a second consecutive weekly rise, underpinned by hopes of a resurgence in oil demand from the world's second-largest consumer, China.


However, rising COVID-19 cases on the mainland, fears about more rate rises internationally, and a decrease in gasoline use due to the recession restrained oil price gains.


"China is the largest wild card in the oil market, and there's still confidence that the reopening will continue and eventually increase demand," Moya added.

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