Brent oil rises to $76.5 per barrel

Oil prices continued to rise on December 12 morning, recovering from declines over the past seven weeks, reported from Interfax citing trading data.

The price of February futures for Brent on the London ICE Futures exchange amounted to $76.54 per barrel, which is $0.51 (0.67%) higher than the closing price of the previous session. On December 11, these contracts increased by 19 cents, to $76.03 per barrel.

WTI oil futures for January increased by $0.54 (0.76%) and amounted to $71.86 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). At the end of the last session, they rose in price by 9 cents to $71.32 per barrel.

Prior to this, both brands ended in the red for seven weeks in a row, which has not been observed since 2018.

The market was also supported by improved investor sentiment and demand for risky assets.

At the same time, consumer prices in China fell by 0.5% in annual terms in November, the fastest rate in three years. Deflation in China was observed for the second month in a row, which indicates weakening demand for raw materials for the industrial sector, MarketWatch noted.

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