Oil prices end the week with the highest increase since October

Oil prices are showing a steady rise at the end of the trading week – the highest growth rate since October last year. 

The current price of Brent oil is $82.62 per barrel. Yesterday, the asset was trading near the $80.30 level. North American WTI oil shows similar dynamics: growth to $77.44 after yesterday's figures of $75.40 per barrel. During the week ending, both Brent and WTI increased in price by more than 4%. Since the beginning of January, oil prices have increased by 6.5-7%.

The rise in oil prices in January was supported by increased tensions in the Middle East. Additional support for the market was provided by news about a decrease in oil production in the United States due to frosty weather, as well as measures announced by China to stimulate the economy, which improved the mood of investors regarding the prospects for the Chinese economy.

Analysts also note that efforts to deter attacks on ships in the Red Sea have not helped prevent the situation from destabilizing. This led to the fact that traders began to put longer-term tension in prices.

In addition, data on the decline in oil reserves in the United States and a strong report on the dynamics of American GDP also supported the oil market.