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Brent rises to $74 a barrel
- Time: 12/14/2021 08:48:22
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{Economic: Al Furat News} Oil prices rose on Tuesday, but gains were halted due to investor concerns about oil demand after Europe and Asia re-imposed restrictions amid an increase in Corona virus cases.
Brent crude futures rose one cent to $74.40 a barrel by 0113 GMT.
Also, for one cent, US West Texas crude rose to $71.30 a barrel. According to Reuters.
“Energy traders don’t want to bet on OPEC+, but all the short-term risks from Omicron to monetary policy tightening by the Federal Reserve are all proving to have a very negative impact on the long-term outlook for oil prices,” said Edward Moya, chief analyst at OANDA. short".
Governments around the world, including Britain and Norway, are tightening restrictions to stem the spread of the omicron, including reducing flights and canceling events, raising concerns about oil demand.
However, OPEC raised its forecast for global oil demand for the first quarter of 2022 and stuck to its timetable for a return to pre-pandemic levels of production, saying that Omicron will have a slight and short impact.
OPEC and its allies, who make up what is known as the OPEC + group, meet on the fourth of January to decide their production policy.
Meanwhile, supply is expected to increase with production of the largest US shale basin expected to rise to a record high in January, according to a monthly forecast from the US Energy Information Administration on Monday.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices rose on Tuesday, but gains were halted due to investor concerns about oil demand after Europe and Asia re-imposed restrictions amid an increase in Corona virus cases.
Brent crude futures rose one cent to $74.40 a barrel by 0113 GMT.
Also, for one cent, US West Texas crude rose to $71.30 a barrel. According to Reuters.
“Energy traders don’t want to bet on OPEC+, but all the short-term risks from Omicron to monetary policy tightening by the Federal Reserve are all proving to have a very negative impact on the long-term outlook for oil prices,” said Edward Moya, chief analyst at OANDA. short".
Governments around the world, including Britain and Norway, are tightening restrictions to stem the spread of the omicron, including reducing flights and canceling events, raising concerns about oil demand.
However, OPEC raised its forecast for global oil demand for the first quarter of 2022 and stuck to its timetable for a return to pre-pandemic levels of production, saying that Omicron will have a slight and short impact.
OPEC and its allies, who make up what is known as the OPEC + group, meet on the fourth of January to decide their production policy.
Meanwhile, supply is expected to increase with production of the largest US shale basin expected to rise to a record high in January, according to a monthly forecast from the US Energy Information Administration on Monday.
[You must be registered and logged in to see this link.]
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