Oil prices rise, but they are heading to record weekly losses of 6%

Oil prices rose by more than 1.5% during trading today, Friday, December 8th, but they are heading to record weekly losses of about 6% after falling to the lowest level in 6 months.

In terms of trading, Brent crude futures rose 1.6% to $75.25 per barrel.

US crude futures also rose by about 1.7% to $70.51 per barrel.

Oil prices fell to their lowest level in 6 months earlier this week, and the decline came amid traders’ concerns that the market may be suffering from an oversupply.

Concerns about China’s economy also fueled the downward trend in the oil market.

Data from the Chinese Customs Authority showed a decline in crude imports by about 9% last month on an annual basis amid high levels of stocks.

Fuel consumption in India also fell during November, after reaching a four-month high the previous month.

The oil losses come despite OPEC+ agreeing earlier this month to implement voluntary reductions in oil production by about 2.2 million barrels per day in the first quarter of 2024.