Oil prices rose slightly yesterday (Dec. 10) after U.S. inflation numbers ran hot and climbed to the highest level in 40 years.
- Brent futures were up 73 cents, or 1%, at $75.15 a barrel.
- WTI futures were up 73 cents, or 1%, at $71.67 a barrel.
The crude oil price index for both contracts rose about 8% this week, representing the highest weekly increase in seven years. This allowed traders in the market to achieve profitable sales in a short time.
China’s economy keeps getting small knocks as small outbreaks of COVID keep occurring, resulting in repeated flight disruptions in the country. This is underpinned by tighter travel restrictions and dwindling consumer confidence.
Another news this week hits the Chinese construction industry. Rating agency Fitch downgraded the property developers China Evergrande Group and Kaisa Group after they defaulted on debt payments. This underscores fears that China’s real estate sector will weaken, including the entire economy of the world’s largest oil importer.
The Spot Market is Closed
Saturday, December 11, 2021