Prices per barrel of Brent and Texas oil today, January 17: How much is it and how much is it trading?
Oil is trading higher.
For the morning of this Tuesday, January 17, Brent and West Texas Intermediate (WTI) contracts rose more than one percent compared to the figures registered a day before, January 16.
Now, black gold heads for its 2023 high as a result of recovery in demand, especially in China, which is the main importer of crude oil globally. The nation reopened its borders a week ago after three years of closure due to the coronavirus pandemic, after that, there has been a rebound in traffic on the roads.
As prices recover, the multinational financier Morgan Stanley forecasts a rise in oil of up to $110 per barrel by the end of the year.
“This is reflected in mobility indicators, which still had a downward trend in November, but since then they have hit rock bottom and they are improving again. We set the rise in oil demand in China due to the ‘reopening’ at about 1 mb/d, which will be carried out progressively throughout the year. However, in addition to the domestic effect, we hope that the reopening of China can also accelerate the recovery of aviation demand”, indicates the report of the aforementioned entity.
According to the said company, during the first quarter of the year there will be a buildup of inventory, what will make the prices they are between $80 and $85 dollars; however, it is expected that the market balances from the second quarter, so that in the third and fourth it “adjusts considerably”.
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Brent and Texas oil barrel prices today, January 17: how much does it cost and how much is it trading?
According to the most recent update of Oil Price Chartsrenowned website with more than 150 oil indices and mixes, For this Tuesday, January 17 at 10:00 am ET, a barrel of Brent crude is trading at $86.44 dollars, while the US WTI equivalent is at $80.97 dollars.
Both references recorded an increase of more than one percent compared to the figures registered a day before, when the Brent traded at $84.23 and West Texas Intermediate at $78.89. The data was taken at about the same time today.