Oil prices rose on December 8, but are ending the week in the red on fears of lower demand, reported from Interfax.

The cost of February futures for Brent oil on the London ICE Futures exchange is $75.19 per barrel, which is $1.14 (1.54%) higher than at the close of the previous session.

WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.99 (1.43%) to $70.33 per barrel.

Following the sixth session in a row, this is the longest period of continuous decline in quotes since February, MarketWatch notes. Prices have been at their lowest since June.

Futures are ending in the red for the seventh week in a row, having lost about 5% since the beginning of the week.

At the same time, traders doubt that the voluntary commitments to reduce production in the first quarter of 2024, undertaken by individual countries of the group, will be fully observed.





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