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Slight rise in oil
- Time: 01/11/2022 08:39:41
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{Economic: Al Furat News} Oil prices rose today, Tuesday, after two days of losses, thanks to the return of investors' appetite for risk, while the market awaits signals from the President of the Federal Reserve (the US Central Bank) regarding raising interest rates.
The rise also comes at a time when some oil producers are finding it difficult to raise the level of their crude production.
Brent crude rose 26 cents, or 0.3%, to $81.13 a barrel, after falling 1% in the previous session.
A weak dollar helped support prices on Tuesday, as it makes oil cheaper for holders of other currencies.
Oil prices fell in the previous two sessions due to fears caused by the rapid global rise in infections with the mutated Omicron strain of the Corona virus, which could weaken demand for fuel.
However, analysts pointed out that supplies from OPEC and non-OPEC producers, in what is known as the OPEC + grouping, are not keeping pace with demand, which supports prices.
Libya, which is exempt from OPEC supply restrictions, has been hit by pipeline maintenance and oil field disruptions. But it resumed production on Monday at the El Feel oil field, after it was stopped by an armed group last month.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices rose today, Tuesday, after two days of losses, thanks to the return of investors' appetite for risk, while the market awaits signals from the President of the Federal Reserve (the US Central Bank) regarding raising interest rates.
The rise also comes at a time when some oil producers are finding it difficult to raise the level of their crude production.
Brent crude rose 26 cents, or 0.3%, to $81.13 a barrel, after falling 1% in the previous session.
A weak dollar helped support prices on Tuesday, as it makes oil cheaper for holders of other currencies.
Oil prices fell in the previous two sessions due to fears caused by the rapid global rise in infections with the mutated Omicron strain of the Corona virus, which could weaken demand for fuel.
However, analysts pointed out that supplies from OPEC and non-OPEC producers, in what is known as the OPEC + grouping, are not keeping pace with demand, which supports prices.
Libya, which is exempt from OPEC supply restrictions, has been hit by pipeline maintenance and oil field disruptions. But it resumed production on Monday at the El Feel oil field, after it was stopped by an armed group last month.
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