New York West Texas Intermediate (WTI) crude futures closed higher on Friday (December 30), the last trading day of 2022, and ended the year in positive territory. This was triggered by oil supply concerns caused by the war between Russia and Ukraine. This has helped to overshadow the negative factor of uncertain trends in global oil demand. Including worries about a recession.
The WTI crude oil contract will be introduced in February. It rose $1.86, or 2.4%, to settle at $80.26/barrel. Although it is up 0.9% this week. and an increase of almost 7% in 2022
The Brent crude oil contract (BRENT) will be introduced in March. rose $2.45, or 2.9%, to settle at $85.91/barrel. Although it is up 1.7% this week. and an increase of around 10% in 2022
The oil market also gained support after US oil drilling operator Baker Hughes said on Friday that the number of US oil rigs drilling, an indicator of future oil output, fell by one rig to 621 this week.
In terms of next year’s investment strategy, it is expected that Investors are cautious when trading. Amid concerns about interest rate rises and the possibility of a recession
