Crude oil closes in plus and gains for the week

Crude oil futures closed higher on Friday (Oct. 21), helped by a weaker dollar and predictions that demand for oil in China will increase. According to news reports, China is considering shortening quarantine periods for inbound travelers.

  • WTI crude futures rose 54 cents, or 0.6%, to $85.05 a barrel and gained 0.5% for the week.
  • BRENT crude futures rose $1.12, or 1.2%, to $93.5 a barrel and were up 2% for the week.

Crude oil futures rose, partly supported by a weaker dollar. The dollar index against the six major currencies in a basket of currencies fell 0.79% to 111.9900.

The weakening of the dollar has made crude oil contracts settled in dollars cheaper for traders holding other currencies.

Markets gained further momentum following the OPEC+ announcement earlier this month that it would cut oil production by 2 million barrels per day in the coming month.

In addition, the oil market was driven by hopes that demand for oil in China will increase. According to news, China is said to be considering reducing the quarantine period for people entering the country under the COVID-19 prevention measure from 10 days to 7 days.

The Spot Market is Closed

Saturday, October 22, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
14.30

85.14

+0.63

+0.75%

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