Oil prices are rising due to supply restrictions and fears that Russia could launch an attack on Ukraine

Oil futures soared at the end of trading on Friday, supported by supply restrictions and fears of a Russian attack on neighboring Ukraine; This pushed prices upward for the fourth week in a row.

According to CNBC Arabic, the rise comes despite evidence that China is preparing to withdraw from its crude reserves near the lunar new year.

Brent futures contracts traded up $ 1.59 or 1.9% at $ 86.06 a barrel, a two-and-a-half-month high of 5.4%.

US West Texas Intermediate crude trades rose $ 1.70 or 2.1 percent to $ 83.82 a barrel, up 6.3 percent for the week. U.S. officials said yesterday that Russia was preparing to attack Ukraine if diplomacy failed.

– Oil Corporation: $ 21 billion and 555 million, total revenue achieved in 2021

Russia, which has amassed 100,000 troops on the border with Ukraine, has released pictures of the deployment of its troops.

The biggest decline of the dollar in almost a year
Crude oil prices soared as the dollar headed for its biggest weekly fall in nearly a year. The weaker dollar makes goods more accessible to holders of other currencies.

Many banks expected oil prices to reach $ 100 a barrel this year; Demand is expected to be higher than supply.

However, sources told Reuters that China wants to withdraw from its oil reserves near the lunar New Year’s holiday between January 31 and February 6. As part of a joint program by the United States with other major consumers to reduce global prices.