Global oil prices rose on January 24 morning amid growing demand for crude, Report informs.
The price of March futures for Brent crude rose by 0.84% to $87.81 per barrel. March futures for WTI rose in price by 0.83% to $85.85 per barrel.
The oil market is observing a positive trend, which is facilitated by high demand for crude. Growth in the oil market has been observed for five weeks in a row. So, over the past week, Brent has risen by 2%, and WTI has risen by 1.5%.
Though many parts of the world reported a record number of coronavirus infections, oil demand was not affected as much as the market expected, the Wall Street Journal reports.