Brent crude was trading near $80 a barrel, despite the rapid spread of the Omicron coronavirus pandemic, supported mainly by supply crunch and expectations that US inventories fell last week.
see photosThe growth was supported by supply disruptions and expectations of a fall in US inventories last week
Oil prices edged higher on Tuesday, with Brent crude trading near $80 a barrel, despite the rapid spread of the Omicron coronavirus pandemic, fueled by supply outages and expectations that US inventories fell last week. Brent crude was up $1.04, or 1.3%, to $79.64 a barrel by 1119 GMT. US West Texas Intermediate (WTI) crude rose $1.15, or 1.5%, to $76.72. Both contracts traded at their highest levels in over a month. “Higher overall production disruptions in Ecuador, Libya and Nigeria and expectations of another major decline in US crude inventories provide support,” said UBS oil analyst Giovanni Stanovo.
Three oil producers announced a force majeure due to their oil production this month due to maintenance issues and oil field closures. Meanwhile, a preliminary Reuters poll showed on Monday that US crude inventories are likely to fall for the fifth straight week, while gasoline inventories were seen mostly unchanged last week. Britain’s Health Minister Sajid Javid said on Monday that England would not face any new COVID-19 restrictions before the end of 2021, as the government awaits further evidence whether the health service is facing a higher infection rate. can face.
Investors are looking forward to an OPEC+ meeting on January 4, at which the coalition will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February.
Meanwhile, US President Joe Biden vowed to ease the shortage of COVID-19 tests as the Omicron version threatens to overwhelm hospitals and travel plans. Over the Christmas weekend in the United States, thousands of flights were canceled due to Omicron-inspired staff shortages. China’s symptomatic coronavirus cases rose for the fourth day in a row on Monday, with Xian reporting a flare-up of infections that has placed the city’s 13 million residents under lockdown.
Investors are looking forward to an OPEC+ meeting on January 4, at which the coalition will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February. At its last meeting, OPEC+ stuck to its plan to boost production for January despite Omicron. The US Commodity Futures Trading Commission said on Monday that money managers increased their net long US crude futures and options positions in the week to December 21. The speculative group increased its combined futures and options positions in New York and London from 4,634 contracts to 259,093 during the period.
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