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Oil prices rose on Friday, driven by tensions linked to the conflict in Ukraine, despite persistent concerns about supply and demand, as well as the rise of the dollar.
The barrel of Brent, the European benchmark, increased by 1.27%, reaching $75.17 for delivery in January. For its part, a barrel of West Texas Intermediate (WTI), its American equivalent, gained 1.63%, reaching $71.24.
According to Andy Lipow of Lipow Oil Associates, tensions between Russia and NATO have fueled the rise in prices. This situation worsened after Moscow announced that it had tested a new missile capable of carrying a nuclear warhead, following Ukrainian strikes on Russian territory using missiles supplied by Western allies.
Vladimir Putin said the conflict had taken on a global dimension and threatened countries that support Ukraine militarily. For his part, Ukrainian President Volodymyr Zelensky called on his allies to provide more air defense systems.
Analysts note that these events reinforce fears of disruptions in energy supplies. However, other factors are limiting price rises, including a drop in oil demand in China and OPEC+ uncertainty over future production cuts.
Finally, the appreciation of the dollar continues to weigh on the market. The Dollar Index, which compares the greenback to several currencies, hit its highest level in two years on Friday, making dollar-denominated oil purchases more expensive.
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