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.<\/p>\n\n\n\n
In terms of trading, Brent crude futures rose 1.6% to $75.25 per barrel.<\/p>\n\n\n\n
US crude futures also rose by about 1.7% to $70.51 per barrel.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Concerns about China’s economy also fueled the downward trend in the oil market.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Fuel consumption in India also fell during November, after reaching a four-month high the previous month.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8429,6844,6909],"class_list":["post-93800","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-opecsurplus","tag-saudi","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=93800"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93800\/revisions"}],"predecessor-version":[{"id":93801,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/93800\/revisions\/93801"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=93800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=93800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=93800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}