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Oil Prices set to end 2022 a bit higher

Oil prices rose up today on track for the second time during the year. Though modest, still the rise is considered to be well-off in such a turbulent year marked by tight supplies due to the Ukraine war, a strong dollar and weakening demand from the world's top crude importer China (Covid 19 issues).

Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. Prices surged in March to a peak of $139.13 a barrel, a level not seen since 2008, after Russia invaded Ukraine, sparking supply and energy security concerns.

While the year-end holiday and Russian ban on crude oil product sales can be supportive of oil prices, still declining consumptions due to the economic environment might offset supply tightness next year.


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