Thursday, January 27

Oil prices posted a new increase

Oil began the day on the rise in a more relieved market with the news of the new variant, since preliminary data suggests that the symptoms are less severe than in the case of delta, according to the World Health Organization. In addition, the laboratories Pfizer and BioNTech assured that their vaccine against the covid is “effective” against omicron for the individuals who received three doses.

Commercial oil reserves in the United States fell slightly last week, according to data released Wednesday by the US Energy Information Agency (EIA).

In the week ending December 3, crude reserves fell 200,000 barrels to 432.9 million barrels, when analysts expected a drop of 1.521 million. Although it could have sustained prices, the effect of the report was mitigated by the significant drop in strategic oil reserves (1.7 mb) and by the drop, also quite marked, in the consumption of hydrocarbons in the United States.

Altogether “it’s a pretty bad report for prices,” summed up Again Capital’s John Kilduff, who highlighted falling demand for some products. A sharp decline in the dollar after the report allowed an upward close, according to Matt Smith, Kpler’s head of oil analysis.