Oil prices rose on Tuesday, but investors were still concerned about the rapid spread of the Omicron mutated strain of the Corona virus worldwide, which prompted a number of countries to consider imposing further restrictions that are likely to affect fuel demand.
Brent crude futures rose 9 cents, or 0.1%, to $71.61 a barrel by 01:05 GMT, while US West Texas Intermediate crude futures rose 23 cents, or 0.3%, to $68.84 a barrel.
British Prime Minister Boris Johnson said on Monday he would tighten restrictions aimed at curbing the spread of the omicron mutant if necessary, after the Netherlands began a fourth lockdown and other European countries considered implementing restrictions over the Christmas period.
Omicron cases are doubling rapidly across Europe and the United States, doubling every two or three days in London and elsewhere, and causing huge losses in financial markets that fear it will affect the global economic recovery.
In terms of oil supply, two sources from the OPEC + group told Reuters that the group’s commitment to oil production cuts reached 117 percent, in November, up from 116%, in the previous month, indicating that the group’s production levels are still below the agreed goals. .
A preliminary Reuters poll on Monday showed expectations of a decline in crude oil inventories in the United States for the fourth consecutive week, while stocks of distillates and gasoline likely rose last week.
