Eco
Oil prices saw an increase in January futures for Brent crude, rising by $1.57 or 1.6% to reach $99.86 per barrel as of 02:22 GMT. Similarly, U.S. West Texas Intermediate (WTI) crude futures increased by $1.10 or 1.22% to $91.62 per barrel. Both benchmark crudes recorded gains for the second consecutive day, indicating a temporary price improvement. However, forecasts indicate that Brent crude is set to experience a sharp weekly decline of 12% following the expiration of the December contract on October 30, while WTI crude is expected to drop by 12.1% during the same period. This anticipated weekly downturn highlights significant volatility in the oil market despite the current daily gains.
