Oil prices extended gains on Tuesday with prices trading near the previous day’s one-month high on hopes the Omicron coronavirus pandemic will have a limited impact on fuel demand.
see photosBrent crude rose 7 cents, or 0.1%, to $78.67 a barrel as of 0728 GMT.
Oil prices extended gains on Tuesday with prices trading near the previous day’s one-month high on hopes the Omicron coronavirus pandemic will have a limited impact on fuel demand.
Brent crude rose 7 cents, or 0.1%, to $78.67 a barrel as of 0728 GMT. US West Texas Intermediate (WTI) crude rose 17 cents, or 0.2%, to $75.74 a barrel, marking the fifth consecutive session.
Abhishek Chauhan, Head of Commodities, Swastika Investmart Ltd., said, “Worries around Omicron are easing across the globe, resulting in some optimism on demand… Prices are expected to trade with a positive bias.”
England will not get any new COVID-19 restrictions before the end of 2021, British Health Minister Sajid Javid said on Monday, as the government waits for more evidence on whether the healthcare system can cope with higher infection rates .
However, prices remained limited after American airlines canceled more than 1,300 flights on Sunday as COVID-19 reduced the number of available crew, while many cruise ships had to cancel stops.
At its last meeting, OPEC+ stuck to its plan to boost production for January despite Omicron.
China’s local symptomatic coronavirus cases rose for the fourth consecutive day on Monday, with Xian reporting a flare-up of infections that has placed the city’s 13 million residents under lockdown.
Oil prices have risen nearly 50% this year, supported by demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+.
Ajay Kedia, director of Kedia Commodities, said, “Volumes are low due to the holidays, and the markets have already digested Omicron concerns. Hence, the focus is on the OPEC+ January 4 meeting.”
Investors are looking forward to an OPEC+ meeting on January 4, at which the coalition will decide whether to plan to increase production to 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.
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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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