After a period of fluctuating prices, oil prices saw a rise on Monday, increasing by more than 3% and reaching their highest level in over a week, with Brent closing at $73.3 per barrel, and West Texas Intermediate (WTI) at $69.16.

This followed a decision by President Joe Biden to approve the use of U.S.-supplied long-range missiles by Ukraine for strikes inside Russia, a major crude producer. This week’s gains partially offset the losses from the previous week, when Brent closed at $71.5 per barrel, while WTI traded near $67.
Since mid-October, oil prices have been shifting between gains and losses, due to uncertain global supply and weak demand from China on one side, and geopolitical tension on the other.

In the broader energy and climate context, the 29th annual UN Climate Conference (COP 29) closes today in Baku, Azerbaijan. The conference is focused on securing funding to assist developing countries in transitioning to clean energy and adapting to climate impacts, with estimates indicating a need for $1 trillion. The first week of discussions centred on various issues, including finance, carbon markets, the future of fossil fuels, and efforts to address global warming.

Meanwhile, in the United States, President-elect Donald Trump nominated Chris Wright, an oil industry executive, to Head the Department of Energy. Wright is the founder of Liberty Energy, an oilfield services firm based in Denver, and an advocate for fossil fuel production and electricity generation.

In this dynamic and evolving market, TraditionData provides valuable support. Our oil pricing data products offer insights into the complex movements of the oil market, helping clients navigate market dynamics shaped by geopolitical risks, supply changes, shifting demand patterns, and evolving government policies. With extensive coverage of global oil benchmarks, our data empowers you in making informed decisions in an increasingly volatile environment.

Pump jack silhouette against a sunset sky with deliberate lens flare and copy space. These jacks can extract between 5 to 40 litres of crude oil and water emulsion at each stroke.
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