At 2 a.m. Beijing time on the 14th, international crude oil prices rose on Friday, with the USA WTI Crude Oil recording its first increase since the end of November. The market is evaluating the future supply and demand outlook for the crude oil market.
The February Brent Crude Oil Futures on the European Intercontinental Exchange closed up $1.08, an increase of 1.47%, settling at $74.49 per barrel.
The January West Texas Intermediate (WTI) Crude Oil Futures on the New York Commodity Exchange closed up $1.27, an increase of 1.81%, settling at $71.29 per barrel, marking a new high since November 7. WTI Crude Oil has accumulated a rise of more than 6.08% this week.
Analysts point out that, on one hand, Iran and Russia may face additional sanctions, leading to tighter crude oil supplies. On the other hand, there is a possibility of an oversupply in the international crude oil market.
IG market analyst Yeap Jun Rong stated that after the WTI Crude Oil prices returned to the key technical level of $71, there has been recent stabilization, "but there is currently not much confidence to drive a stronger price recovery."