Oil prices slightly up amid prospects for higher demand

Global oil prices rose slightly on December 30 morning, while traders assess the prospects for growth in demand for crude, especially in China, Report informs referring to the auction data.

The price of March futures for Brent crude rose by 0.37% to $83.77 per barrel, February futures for WTI rose in price by 0.41% to $78.72.

Chinese authorities have previously said that they are going to relax entry requirements in January, which, in turn, leads to an increase in oil demand.

According to experts, demand for oil will increase when the number of COVID cases in China begins to decline.

Since the beginning of November, multiple outbreaks of coronavirus diseases have been recorded in China, so a number of countries decided to tighten the requirements for those arriving from China. In the short term, there are supply and demand issues.