Omicron rises in oil, with the possibility of stopping the increase in supplies


وارتفعت Brent crude futures contracts 48 cents, or 0.7 percent, to $69.35 a barrel by 0140 GMT, after having fallen by half a percent in the previous session..

US West Texas Intermediate crude futures were not less fortunate than the previous one, as they also rose 48 cents, or 0.7 percent, to $ 66.05 a barrel, after falling 0.9 percent yesterday, Wednesday..

“Oil prices rose, with some investors expecting a decision by OPEC+ Maintain current supply levels in January to mitigate any impact on demand from the Omicron spread“.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are likely to decide on Thursday whether the grouping will pump more oil into the market according to previous plans or restrict supplies..

Since August, the assembly has added another 400,000 barrels per day of production to the country global supplies Every month, within the framework of gradually reducing the standard cuts agreed in 2020.

However, the new strain has complicated the decision-making process, as observers expect that OPEC + may pause these additions in January in an attempt to slow supply growth..

The rate of spread of the omicron mutant is accelerating to be about to become The dominant strain of corona virus In South Africa less than four weeks after it was first discovered there. On Wednesday, the United States became the latest country to report an Omicron case within its borders.

Global oil prices have lost more than ten dollars a barrel since last Thursday, when news of the emergence of Omicron Investors shocked.


Please enter your comment!
Please enter your name here