Other news

A sharp increase in the COVID incidence in China made people leave their houses less often. This provoked a slump in the tourist industry and a decrease in economic activity because of the diminution in fuel demand.

As it was stated by the U.S. Transportation Department, in October, there was an increase of road travel by 0.1% to the number of 285.9 billion miles.

Chilling temperatures are rising in the United States. However, this is not fast enough for the bulls on the fossil fuel market, since they suffered a decline in fuel prices yesterday.

On Thursday, oil prices decreased by about $1 per barrel.

In response to the West's decision to limit Russian oil supplies, energy exports to countries that would insist on respecting price caps will be banned. This was stated by Deputy Prime Minister of the Russian Federation Alexander Novak.

Exports of Russia's main Urals crude oil from Baltic Sea ports may drop by 20% in December. This is related to the entry into force of marginal oil prices and the European Union embargo on supplies from Russia.

An increase of oil prices was registered on Friday due to expected decline in crude exports from the Baltic region of Russia in the current month. This fact mitigated concerns that transport fuel demand might stop growing because of an upcoming Arctic storm in the United States.

On the agenda are data on oil platforms from Baker Hughes and speculative positions on oil and gas, gold and silver.

Demand for gold remained relatively unaffected. According to the World Gold Council, the positive dynamics of demand was recorded among segments of jewellery, investment bars and coins. Demand for Central Bank securities also increased.

According to forecasts, most of Europe will experience relatively warm weather during the holidays. Thus, the risk of heavy snowfalls at Christmas will be lowered, and the European power grid’s stress will be mitigated.