Oil rises in price in anticipation of growth in demand due to cold weather

Global oil prices rose on November 19 morning in anticipation of additional demand due to cold weather in the world, according to trading data and analysts’ comments, Report informs citing Prime agency.

As of 9:16 (GMT+4), January futures for Brent crude rose 0.59% to $81.72 per barrel, January futures for WTI rose 0.71% to $78.97 per barrel.

On November 19 morning, the oil market is showing positive dynamics, continuing the evening recovery in prices after the decline. Reports on China's announcement of preparations for the release of strategic oil reserves contributed to the negative dynamics.

Now, according to Oanda analysts, the weather has a positive effect on oil prices, as low temperatures can lead to a shortage of natural gas and the struggle for alternative energy sources, the Wall Street Journal reports.

Later on November 19, US oil and gas services company Baker Hughes Company will release its weekly statistics on operating oil rigs in the US. Their number has increased over the previous working week.