January 21, 2022

Dubai Week

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Oil prices are approaching $ 84 with the expectation that Omicron will not affect global demand

Oil prices are approaching $ 84 with the expectation that Omicron will not affect global demand

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Oil prices rose to close at $ 84 a barrel on Tuesday, amid tight supplies and expectations that an increase in corona virus infection and the rapid spread of the Omicron mutator would not undermine global demand recovery.

According to Reuters, it has concluded deals Raw Brent The world record for the closest maturity of the trading session rose to $ 2.85 or 3.52 per cent, recording a $ 83.72 settlement, the highest price since the beginning of November.

US West Texas Intermediate crude deals rose $ 2.99, or 3.8 percent, to $ 81.22 a barrel, the highest level since mid-November.

According to experts, Dip helped Dollar The US dollar is in favor of oil because it makes crude cheaper for buyers of other currencies.

Russia has registered the first test to detect the “Omigron” mutant

Markets are waiting for the latest weekly data on oil inventories in the United States to be released by the U.S. Petroleum Corporation later and tomorrow, Wednesday, by the U.S. Energy Information Administration.

U.S. crude oil stocks are expected to fall about two million barrels last week.

Jerome Powell, head of the US Federal Reserve, was quoted by Reuters as saying that he expects the economic consequences of the devastation. Omigron It will be short-lived.

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