“Black gold” rises in price again
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The Omicron strain does not cause as serious consequences as previously thought. This brought the market back to growth.
Global benchmark oil prices have returned to gains on new data on the Omicron coronavirus strain. This is evidenced by the trading data on Monday, December 27.
Thus, February futures for Brent on the London ICE Futures exchange rose by $ 2.59 (3.43%) to $ 78.38 per barrel. For the first time since November 26, the value of Brent futures exceeded $ 78 per barrel.
The cost of a WTI futures for February at the electronic session on the New York Mercantile Exchange (NYMEX) jumped by $ 1.92 (2.60%) – to $ 75.71 per barrel.
Now the spread between the current contracts for Brent and WTI is $ 2.67 in favor of Brent.
As writes Interfax, market participants are still monitoring the situation with the spread of the Omicron strain in the world.
“While Omicron is spreading faster than any other COVID-19 variant, the relatively encouraging news is that most people who have contracted the new strain have shown mild symptoms, at least so far,” said DailyFX analyst Leona Liu.
As a result of the price of oil, fell more than 10% at the end of November, when reports first surfaced of a new strain of coronavirus, recovered from losses during the past week amid publication of research by scientists that Omicron does not cause such serious consequencesas previously suggested.
An additional driver of growth is the continued market situation, in which demand for oil is recovering, but supply remains limited. due to the policies of the OPEC + countries.
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