Oil prices trim their gains, and the NYMEX is trading below...

Oil prices trim their gains, and NYMEX is trading below $85
© Reuters. Oil prices trim their gains, and “NYMEX” is trading below $85

It pared its gains during trading today, Tuesday, after Brent crude crossed the $88 barrier earlier in trading, amid the follow-up to geopolitical tensions in the Middle East, and after the release of the “OPEC” report.

In its monthly report issued on Tuesday, OPEC kept its forecast for the growth of global demand for oil this year at 4.2 million barrels per day, as it expects to record 100.8 million barrels per day.

The report also expected the oil market to remain well supported throughout 2022.

In a note cited by Reuters, Australian brokerage CommSec analysts confirmed that oil prices were supported by colder winter temperatures in the northern hemisphere, and that these conditions boosted demand for heating fuel.

For his part, “Ash Glover”, an analyst at CMC Markets, said that analysts’ expectations indicate that demand will exceed supply this year, as the world is heading to reopen the economy and borders after two years of closures.

In terms of trading, the futures contracts for the standard “Brent” crude for March delivery rose by 0.83%, or 0.72 to $87.20 a barrel, during trading.

The US “NYMEX” crude contracts for February delivery also increased by 1.26%, or $1.06, at $84.88 a barrel.


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