December 5, 2022

Dubai Week

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There has been an oil spill in the United States as flights have been canceled

There has been an oil spill in the United States as flights have been canceled

Singapore (Reuters)

Oil prices fell in the United States yesterday after airlines canceled thousands of flights during the Christmas holidays amid an increase in “Covit-19” cases, but Brent crude rose on hopes that the “Omigron” variable would not affect global demand. .
American airlines canceled more than 1,300 flights on Sunday due to “Covit-19”.
West Texas Intermediate crude fell 89 cents, or 1.2 percent, to $ 72.90 a barrel at 0948 GMT.
On Friday, US markets closed due to the holiday, while the international price of Brent crude rose 12 cents, or 0.2%, to $ 76.26.
Brent, supported by demand recovery and production reduction by the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC +), has risen more than 45 percent this year.
Oil prices soared last week after preliminary data showed that the strain “Omicron” was causing mild symptoms of the disease.
Yesterday, talks resumed between the world powers and Iran to defend the 2015 nuclear deal, which could eventually lead to an increase in Iran’s oil exports, and the talks do not appear to have made small progress towards this goal.
Investors are waiting for the upcoming “OPEC +” meeting on January 4 to determine whether it plans to increase its production to 400,000 barrels per day in February. Last month, despite the Omicron explosion, OPEC + stuck to its January production policy, saying OPEC would have a short-term effect.

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