Meanwhile, the omicron variant of the coronavirus has brought record case counts and clouded New Year’s holidays around the world, with more than 4,000 flights canceled on Sunday.
Brent crude futures rose $ 1.19, or 1.5%, to $ 78.97 a barrel at 1700 GMT. US West Texas Intermediate (WTI) oil gained 91 cents to $ 76.12.
“Infection rates are increasing globally, restrictions are being applied in several countries, the air travel sector, among others, is suffering, but investor optimism is tangible,” said Tamas Varga, of the oil broker PVM.
El Oil got some support thanks to a pumping interruption in Libya. Oil production will be reduced by 200,000 barrels per day for a week due to pipeline maintenance.
Last year, Brent rose 50%, driven by the global recovery from the COVID-19 pandemic and OPEC + supply cuts, even as infections reached record levels around the world. Some see more gains in 2022.
“Prices of crude oil and petroleum products should benefit as demand for oil moves above 2019 levels,” said a report by UBS analysts, including Giovanni Staunovo. “We expect Brent to rise to a range of $ 80 to $ 90 in 2022.”
Source From: Ambito
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