Arab Steel Summit
SMS group
Arab Steel Summit

Oil prices above $78.6 as Omicron’s fears fade

Oil prices rose today, Tuesday, near the highest level in one month, reached in the previous session, thanks to expectations that the Corona virus mutated Micron will have only a limited impact on global demand.

US West Texas Intermediate crude rose 18 cents, or 0.2%, to $ 75.75 a barrel at 01:15 GMT, gaining a fifth consecutive session.

The global benchmark, Brent, was no less fortunate than its predecessor, as it rose seven cents, or 0.1%, to $ 78.67 a barrel.

Both crudes rose near their highs on Monday, their highest price since late November.

UK Health Minister Sajid Javid said on Monday that England will not impose new restrictions on the Corona virus before the end of 2021, as the government awaits further prove on the ability of health services to cope with high rates of infection.

However, US airlines canceled more than 1,300 flights on Sunday due to Covid-19, which led to a decrease in the number of crews available to fly, while many cruise ships were forced to cancel stopovers.

Oil prices have increased by more than 50% quest’year, supported by the recovery in demand and the reduction in production by the Organization of the Petroleum Exporting Countries (OPEC) and its allied countries, the group known as (OPEC +).

Investors are also waiting for the next OPEC + meeting on January 4 to determine whether it will move forward with its plan to increase its production by 400,000 barrels per day in February.


Related News


Latest News