A sharp rise in oil prices in light of declining concerns about abundant supplies

Crude oil futures prices ended trading on Tuesday with a sharp rise, in light of the decline in concerns about the abundance of supplies in the market, with the hope of the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC Plus group to postpone its plans to increase oil production for several months.
At the same time, expectations have increased for the growth of demand for oil in China, the largest oil importing country in the world, with signs of improvement in the Chinese economy.
Crude prices also received support from geopolitical tensions in the Middle East after reports of Israel’s bombing of southern Lebanon, threatening the existing truce.

West Texas Intermediate Crude Price

The price of West Texas Intermediate crude, the US oil standard, rose by $1.84, or 2.7%, to $69.94 per barrel for January delivery.
While Brent crude, the global oil standard, rose by $1.79, or 2.5%, to $73.62 per barrel for delivery next February.