said Kazuhiko Saito, a senior analyst at Fujitomi Securities "Fears of supply disruption due to winter storms in united state Encourage buying, even if it is sparse as many market participants are on vacation".
A massive blizzard hit Buffalo, New York on Christmas Day, stranding motorists and rescue crews, cutting power to thousands of homes, and adding to the death toll from the storms that engulfed the United States for days.
Concerns about possible cuts in Russian oil production also supported prices today.
RIA news agency quoted an aide to Russian Prime Minister Alexander Novak on Friday as saying Russia may cut production the oil Between five and seven percent at the beginning of 2023 in response to the imposition of a cap on the price of oil by Western countries.
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Brent crude oil was up 3.6% on Friday, while West Texas Intermediate crude oil was up 2.7%. Both benchmarks posted their biggest weekly gains since October. The markets were in Great Britain And the United States closed on Monday for holidays birthday.
“Concerns about supply disruption due to winter storms in united state Stimulate buying, even if the transactions are thin because many market participants are on vacation.
A massive blizzard hit Buffalo, New York on Christmas Day, stranding motorists and rescue crews, cutting power to thousands of homes, and adding to the death toll from the storms that engulfed the United States for days.
Concerns about possible cuts in Russian oil production also supported prices today.
RIA news agency quoted an aide to Russian Prime Minister Alexander Novak on Friday as saying Russia may cut production the oil Between five and seven percent at the beginning of 2023 in response to the imposition of a cap on the price of oil by Western countries.
