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Brent crude oil rose to its highest level since October 2024


January, 10 2025
watermark Economic news

Oil prices showed steady growth on Friday, with Brent quotes exceeding $79 per barrel for the first time in three months.


On the London ICE Futures Exchange, March Brent futures rose by 3.25% to reach $79.45 per barrel by 14:36 Moscow time. February WTI crude futures on the New York Mercantile Exchange (NYMEX) added $2.07 (3.22%), rising to $76.34 per barrel.


A day earlier, Brent and WTI also showed growth, adding 1% and 0.8%, respectively. The market is supported by data on the reduction of reserves at the terminal in Cushing, which stores oil traded on the NYMEX, to a minimum since 2014. An additional factor was the fear of tougher sanctions against Russia and Iran.


Analysts have improved their forecast for oil prices in the first quarter: for Brent – to $71 from the previous $65 per barrel, for WTI – to $67 instead of $61. Experts note that the price increase is due to expectations of geopolitical risks that could affect Iranian oil exports, as well as increased demand for heating due to cold weather, which reduces oil reserves in the United States.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.