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Oil rises as fears of lower demand due to "Omicron" ease
- Time: 12/24/2021 08:30:04
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{Economic: Al Furat News} Oil prices rose in a session that witnessed limited trading on Thursday, supported by indications that the worst repercussions of the "Omicron" could be contained.
Brent crude futures, the international standard, rose $1.56, or 2.1 percent, to settle at $76.85 a barrel, the highest closing level since November 26, an increase of 4.5 percent during the week.
West Texas Intermediate crude futures rose $1.03, or 1.4 percent, to $73.79 a barrel upon settlement, rising 4.1 percent during the week.
Trading volume was limited today, Thursday, as only 244 thousand contracts were traded for the next month, according to “Refinitiv Icon” data, compared to a daily average of 381,000 contracts over the past two hundred days.
According to data from Baker Hughes Energy Services, the number of oil and natural gas rigs operating in the United States rose last week to its highest level since April 2020, with the total number of rigs now standing at 586, which predicts an increase in production in the coming months.
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{Economic: Al Furat News} Oil prices rose in a session that witnessed limited trading on Thursday, supported by indications that the worst repercussions of the "Omicron" could be contained.
Brent crude futures, the international standard, rose $1.56, or 2.1 percent, to settle at $76.85 a barrel, the highest closing level since November 26, an increase of 4.5 percent during the week.
West Texas Intermediate crude futures rose $1.03, or 1.4 percent, to $73.79 a barrel upon settlement, rising 4.1 percent during the week.
Trading volume was limited today, Thursday, as only 244 thousand contracts were traded for the next month, according to “Refinitiv Icon” data, compared to a daily average of 381,000 contracts over the past two hundred days.
According to data from Baker Hughes Energy Services, the number of oil and natural gas rigs operating in the United States rose last week to its highest level since April 2020, with the total number of rigs now standing at 586, which predicts an increase in production in the coming months.
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