Oil prices fell 1% on Friday, but are heading towards their largest annual hike in 12 years, driven by the global economic recovery from the recession caused by the Covid-19 pandemic and the restrictions adopted by manufacturers even as injuries have risen to levels record around the world.
On the last day of 2021, Brent crude futures are starting to close the year with a 53% rise, while US crude futures are on track to reach a 57% rise, which is the performance stronger than the two reference contracts since 2009 when prices increased by more than 70%.
“We’ve had Delta and Omicron and all kinds of closures and travel restrictions, but the demand for oil has remained a bit strong. It can be attributed to the effects of the stimulus in support of demand and supply constraints,” he said. Craig James, chief economist of Comsk.
However, today, Friday, oil prices stopped rising after rising for several consecutive days as Covid-19 infections reached new highs globally, from Australia to the United States, fueled by the mutated strain of the virus. Omicron Corona, highly contagious.
THE future on Brent crude oil fell by more than 1% to 78.53 dollars a barrel, while i future US West Texas intermediate crude fell 1% to $ 75.99 a barrel.
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