January 21, 2022

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Oil prices are heading for the biggest annual profit since 2009. Brent crude is close to $ 80

Oil prices are heading for the biggest annual profit since 2009. Brent crude is close to $ 80

Rose Oil prices Today, Friday, after its trade began to decline, the Corona is driven by the global economic recovery from the recession and reaches its biggest annual profit in 12 years.

Oil prices ended trading higher on Thursday as US crude continued to rise for the seventh consecutive session on optimism over demand for crude oil.

Oil prices today

07:48 AM GMT (10:48 AM Mecca time), futures pricesWest Texas Intermediate Crude Oil February Delivery – 0.04%, recording $ 77.02 a barrel.

Future prices also roseRaw Brent March 2022 Delivery 0.1%, registering $ 79.61 per barrel.

Oil prices in 2021

Brent crude is up 53% year-on-year, while WTI is set to gain 58%, with strong performance on both scales since 2009, with prices rising more than 70%.

Both contracts peaked in October 2021, with Brent crude at $ 86.70 a barrel, the highest since 2018, and the WTI at $ 85.41, the highest since 2014.

Global oil prices are expected to rise further next year as demand for jet fuel continues to rise.

Oil is needed

“We have Delta Swing, Omigron and all kinds of strikes and travel restrictions, but oil demand is relatively equal,” said Craig James, chief economist at Australian brokerage ComSec.

However, after rising for several consecutive days, oil prices came to a halt at the start of trading on Friday, coupled with the rapid spread of the Omigron strain from Australia to the United States, before an increase in the number of corona infections and the number of new infections worldwide.

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U.S. health experts have warned citizens to be prepared for severe disruptions in the coming weeks as infection rates could worsen as schools reopen after increased holiday travel and New Year celebrations and the winter holidays.

OPEC +

Simultaneously, 4 sources reportedReuters The Organization of the Petroleum Exporting Countries (OPEC) and its foreign allies, led by Russia, in a so-called alliance OPEC +As oil prices approach $ 80, the coalition is likely to stick to a plan to supply 400,000 barrels a day in February during a meeting on January 4 as part of a plan to reverse the sharp cuts in production implemented in 2020.

“I think we’ll see a lot of pressure on OPEC + to ensure there is enough oil in the market,” James said.

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