After the close of the market, the price of oil recorded a rise of more than 4 percent. The gains were supported by the possibility of China easing some of its coronavirus restrictions. Meanwhile, the imminent European Union ban on Russian oil is looming, which will affect crude oil supply and prices.
Although China has not announced the easing of coronavirus restrictions, according to Reutersa former Chinese disease control official said substantial changes to the country’s anti-COVID-19 policy are coming soon.
Prices of a barrel of Brent and Texas oil today, November 5: how much does it cost and how much is it quoted?
In accordance with Bloomberg Energywith the market closed, this Saturday, November 5, West Texas Intermediate (WTI) barrel price is up $4.44 or 5.04%, trading at $92.61. In the meantime, Brent crude gained 4.12% or $3.90, trading at $98.57. Brent posted a weekly gain of 2.9%, while US crude oil, WTI, gained 4.7% at the end of the week.
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Fears of a recession curbed gains
Fears of a global recession capped crude’s gains. Signals about the size of interest rate hikes by the Federal Reserve caused oil to cut some gains.
Richmond Fed President Thomas Barkin said on Friday he is ready to act more “deliberately” considering the pace of future US interest rate hikes, though he could ease monetary policy. of the Fed, rates could continue to rise for longer and to a higher-than-expected end point, raising concerns of a recession.
On the other hand, fears of a recession in the United States, the world’s largest oil consumer, increased after statements by Fed Chairman Jerome Powell, who said it was “very premature” to think about stopping interest rate hikes. interest. During the week, the Fed announced another increase of 75 base points to the reference rate.