Arabian Business Egypt- Oil prices ended Thursday’s trading session on a rise, to its highest level since the end of November, recording the seventh consecutive daily rise, after concerns about the impact of the “Omicron” mutator on global oil demand receded.
The price of US NYMEX crude for February delivery increased by 0.6%, or 43 cents, to reach $76.99 a barrel.
The price of Brent crude futures for February delivery also rose 0.1%, or 9 cents, to record $79.32 a barrel.
And oil prices drew support from the steps taken by governments to limit the impact of record “Corona” injuries on economic growth, including facilitating testing rules and providing more health care centers.
Oil prices trimmed their gains during Thursday’s trading, after China, the world’s largest oil importer, reduced the first batch of its import quotas in 2022 to independent refineries by 11%.
Investors are awaiting the meeting of “OPEC” and its allies scheduled for the fourth of January, to determine whether the alliance will continue to increase production in February, with a report by “Reuters” indicating that the “OPEC Plus” group may keep the production policy unchanged.
International oil prices have rebounded this year, as demand has returned to levels close to pre-pandemic levels, and the significant production cuts by the Organization of the Petroleum Exporting Countries and its allies have reduced the abundance of supply.
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