“We are in the holiday period with a low volume (of transactions), which explains the volatility of prices at the moment,” said Matt Smith, head of oil analysis at specialist data provider Kpler.
“We saw big exports coming out of the United States last week, so we should see a decrease in reserves,” added Smith.
Experts expect crude inventories to fall another 2.4 million barrels after falling 4.7 million in the prior week.
“The market has also been boosted by the dynamism of the stock market despite the commotion in the travel sector and the spread of the omicron variant,” added the Kpler analyst.
Thousands of flights were canceled over the weekend and even on Monday due to a shortage of flight crew personnel, part of which went into quarantine for positive Covid-19 cases.
“In spite of everything, the market consoles itself with the fact of not having confinements or restrictions, when it was what was feared,” concluded the specialist, citing the United States and the United Kingdom where the virus is spreading rapidly. “That sends a kind of positive message,” he concluded.