Oil prices fall after 3% rise earlier

Oil prices fell on January 26, compared to a 3% rise in the previous session, and ended the week with their highest gain since October, reported from Interfax.

The price of March Brent oil futures on the London ICE Futures exchange was $82.04 per barrel, which is $0.39 (0.47%) lower than at the close of previous trading.

WTI oil futures for March in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.52 (0.67%) to $76.84 per barrel.

Both contracts closed January 25 at their highest levels since late November. This week, Brent rose in price by 4.4%, WTI by 4.9%.

Oil prices rose in January amid rising tensions in the Middle East. The market was further supported this week by news of a drop in production in the US due to frosty weather, as well as measures announced by China to stimulate economic activity, which improved investor sentiment regarding the prospects for the Chinese economy.

Since the beginning of January, oil prices have increased by 6.5-7%.

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