Investors are also awaiting the upcoming “OPEC +” meeting on January 4 to determine whether it will go ahead with its plan to increase 400,000 barrels per day of its production in February.
Oil prices rose about 3% today, Monday, supported by hopes that the impact of the new “Corona” virus “Omicron” will be limited to global demand in 2022, even as the high number of infections caused flight cancellations.
Brent crude rose $2.53, or 3.3%, to $78.67 a barrel by 16:01 GMT. The price of West Texas Intermediate crude also rose $2.01, or 2.7%, to $75.80 a barrel. US markets were closed on Friday for a holiday.
American airlines canceled more than 1,300 flights yesterday, Sunday, due to “Covid-19”, which led to a decrease in the number of crews available to fly, while many cruise ships were forced to cancel stations.
Brent rose more than 45% this year, supported by the recovery in demand and the reduction of production by the Organization of Petroleum Exporting Countries “OPEC” and its allied countries, the group known as “OPEC +”.
Oil prices rose last week after preliminary data showed that the “Omicron” mutant causes moderate symptoms of the disease.
Today, talks between world powers and Iran resume in order to save the 2015 nuclear agreement, which may eventually lead to an increase in Iran’s oil exports. The talks do not appear to have made much progress towards this goal so far.
Investors are also awaiting the next “OPEC +” meeting on January 4 to determine whether it will go ahead with its plan to increase 400,000 barrels per day of its production in February.
Last month, OPEC+ stuck to its policy of increasing production in January despite the spread of Omicron.
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