Oil price approaches rise despite Omicron concerns | Market talk

Oil prices rose on Tuesday, ending the session near $ 80 a barrel of Brent crude, supported by expectations of another fall in Omicron, supply crunch and U.S. crude stocks, despite the rapid spread of the new corona virus.

Brent crude was up 34 cents, or 0.4 percent, at $ 78.94 a barrel, while US West Texas Intermediate crude was up 41 cents, or 0.5 percent, at $ 75.98.

Both crude oil traded at a one-month high, supported by gains in US stocks.

“The stock market seems to be heading towards the end of the year at or near record highs, and it’s moving easily in the oil business, which is raising crude prices,” said Jim Ritterbush, president of Ritterbusch & Associates in Calana, Illinois.

“Combined production disruptions in Ecuador, Libya and Nigeria are also supported by expectations of another major fall in U.S. crude oil stocks,” said UBS inventory analyst Giovanni Stonovo.

All three oil-producing countries announced Force Mayure this month as part of oil production due to maintenance issues and the closure of oil fields.

Reuters’ preliminary poll on Monday showed that crude oil reserves in the United States could fall for the fifth week in a row, while petrol stocks are expected to stabilize last week.

Investors are waiting for the OPEC + board meeting on January 4 to decide whether the producers’ alliance plans to raise 400,000 barrels a day in February.

At its previous meeting, OPEC + stuck to its plans to increase production for January, despite the appearance of Omicron.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare