1Berita – Oil prices edged higher in Friday’s (29/12) trading. As the year-end approaches, prices remain relatively stable after experiencing a 3 percent drop in yesterday’s trading.
Citing Reuters, Brent crude futures rose by 18 cents or 0.2 percent to $77.33 per barrel, while West Texas Intermediate (WTI) crude futures traded 11 cents higher at $71.88 per barrel.
At these levels, both benchmark prices are on track to close the year.
Concerns about geopolitical conditions, OPEC production cuts, and global measures to control inflation have triggered wild price fluctuations.
For three consecutive months, oil prices continued to decline. The conflicts in the Middle East and production cuts by oil-exporting countries turned out to be insufficient to support prices to grow.
Oil prices were briefly at a high in September as OPEC and its allies agreed to cut production. This raised concerns that demand could potentially exceed supply.
Additionally, government and central bank measures worldwide to curb inflation have helped balance the surge in prices.
