Oil rise of more than 2%, Iran’s delay in alleviating Omicron’s fears


London — Oil prices on Tuesday from nearly 5% rebound the day before as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased, Iran’s nuclear talks stagnated and Iran’s crude oil return was delayed. Expanded the rise.

Brent crude oil futures rose $ 1.66 (2.3%) by 1005 GMT after rising 4.6% on Monday to $ 74.74 a barrel. US West Texas Intermediate Crude Oil was $ 71.30 a barrel, up $ 1.81 (2.6%) based on a 4.9% increase in the previous session.

Oil prices plummeted last week due to concerns that vaccines may be less effective against Omicron, and governments could curb their spread and re-regulate to hurt global growth and oil demand There was growing concern that there was.

However, South African health officials reported over the weekend that the Omicron case showed only mild symptoms. Anthony Fauci, chief executive officer of infectious diseases in the United States, told CNN so far that “it doesn’t seem to be that serious.”

Jeffrey Halley, Senior Market Analyst at OANDA, said:

Another sign of confidence in oil demand is that Saudi Arabia, the world’s top exporter, raised its monthly oil prices on Sunday.

This means that OPEC and its ally, OPEC +, will continue to increase production by 400,000 barrels per day in January, despite the release of the US strategic petroleum reserves. After the agreement.

Crude oil imports into China, the world’s top importer, also rebounded in November, but US crude oil inventories are likely to have fallen for the second straight week last week, according to a Reuters study.

In addition, delays in the return of Iran’s oil supported prices. Indirect US-Iran nuclear negotiations ran into obstacles. Germany urged Iran on Monday to present a viable proposal in talks on a nuclear program.

Noah Browning