Baku: The price of a January 2024 export contract for Brent crude increased by 0.65% to $72.63 per barrel during trading on the ICE London Intercontinental Exchange, APA-Economics reports. The price of a December export contract for WTI (West Texas Intermediate) crude on New York's NYMEX commodity exchange also rose by 0.63%, reaching $69.04 per barrel. According to Azeri-Press news agency: The fluctuations in oil prices are being closely monitored as they continue to impact global markets. This recent increase in the prices of both Brent and WTI crude highlights ongoing trends in the energy sector. The trading activity on major exchanges such as the ICE London Intercontinental Exchange and New York's NYMEX commodity exchange is often indicative of broader economic currents affecting supply and demand. The rise in oil prices comes amid various factors that influence the global energy market. These include geopolitical developments, changes in production levels by major oil-producing countries, and shifts in consumer demand. Market analysts will be watching to see how these factors evolve in the coming weeks and months as they assess the potential implications for global economies.