Brent Closes In On $80 As Market Ignores Omicron

Brent crude oil rose by 1.3% which is $1.40, for $79.64 per barrel as of 11:19 GMT. While WTI crude rose by 1.5% which is $1.15, for $76.72. These above mentioned sold highest ever in one month.” Prospect of a big drop in the US crude stocks and big total manufacturing interruption from Nigeria, Lybia and Ecuador also gave some support” said Giovanni Staunovo.

In this month three oil-producing countries revealed that the action of higher forces on their oil production due to maintenance and production stoppage. A preparatory survey by Reuter revealed that U.S. oil stocks might have declined for the 35days straight, as gasoline stocks seem to remain unaltered last week.
Effect of Corona Virus And Its Variant (Omicron) On The Aviation Sector, Crude Production And Commodity Market
British minister for health revealed that no Covid-19 restrictions will be placed on England in 2021, while the government waits to receive evidence that the country’s healthcare sector can handle Covid-19 contraction rate. Employees shortage caused by Omicron which resulted into lot’s of flight canceling, during Yuletide holiday in America.

Decisions if the intended manufacturing of 400,000 barrels of crude in a day in February should continue or not, shall be made during the OPEC’s meeting slated for January 4, as investors await the result of this meeting. During OPEC’s last meeting, the body resolved to carry on with their intention of boosting production in January, in spite of Omicron. Funds managers increased their net long U.S options and futures within a week to December 21, as reported on Monday by the U.S Raw material Futures Trading Commissions. Speculator group increased its united futures and option positions in England’s capital and New York from 4,634 to 259,093 contracts during this period.

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