Oil prices surge worldwide amid rising demand

Global oil prices rose by 0.6% on December 27 morning, Report informs, citing trading data.

Traders expect an increased demand for the commodity due to the latest news from China and the United States, namely the coronavirus situation and heavy snow storms interrupting production.

The price of February Brent crude futures rose 0.62% to $85.02 a barrel, while February WTI crude oil futures rose 0.63% to $80.06.

China's Health Affairs Committee said that the authorities were planning to ease coronavirus restrictions from January 8.

In addition, gasoline and diesel production at two major refineries, Motiva Port Arthur and Marathon Galveston Bay, was halted in the US due to extreme weather conditions, affecting feedstock supply.