Oil prices stabilized today, Wednesday, as traders awaited indicators of fuel demand amid concerns related to “Covid-19” after Singapore suspended travel without quarantine, and Australia renewed its vaccination campaign with the rise in cases of the mutated Omicron from the Corona virus.
Brent crude futures rose 8 cents, or 0.1%, to $ 74.06 a barrel, after rising 3.4% in the previous session.
US West Texas Intermediate crude rose 24 cents, or 0.3%, to $ 71.36 a barrel, after jumping 3.7% on Tuesday.
Moderna CEO Stefan Bansel said on Tuesday that the company that produces the Corona vaccine does not expect a problem in developing a protective booster dose of the mutant Omicron and can start work within weeks.
And according to market sources, citing data from the American Petroleum Institute, on Tuesday, US crude stocks fell by 3.7 million barrels in the week ending December 17, compared to the expectations of 8 analysts polled by Reuters for a decrease of 2.8 million barrels.
Weekly data from the US Energy Information Administration is expected later today.
