Oil prices experienced a notable surge on Friday during midday trading, with Brent crude surpassing $80 per barrel. This increase is largely attributed to geopolitical factors and a cold wave impacting the United States, the world’s largest oil consumer.
The price of North Sea Brent crude for March delivery rose by 4.12%, reaching $80.09 per barrel. Meanwhile, its American counterpart, West Texas Intermediate for February delivery, climbed by 4.36% to $77.14 per barrel.
The market is being supported by exceptionally cold weather in the U.S., which is anticipated to boost demand for heating fuels, according to John Plassard, an analyst at Mirabaud. He also noted that the market is experiencing its seventh consecutive weekly decline in crude oil inventories in the United States, further contributing to rising prices.
