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On Wednesday, oil prices in the United States climbed for the sixth time in a row.
Brent oil prices were unchanged at $78.78 while WTI crude oil futures rose 0.03 percent to $76.00. Both have benefited from stocks' growth.
A variety of asset sectors, from oil to equities, have recovered losses since late November, when the Omicron form of COVID-19 threw investors into a tailspin.
However, a delay in applying greater COVID limitations in the United Kingdom and France before the end of the year has given investors renewed confidence. Investors have returned to risk assets as concerns about its impact have subsided.
However, Omicron has resulted in staff shortages, resulting in thousands of aircraft cancellations in the United States over the Christmas holiday.
Oil prices were further supported by three oil companies reducing production due to maintenance concerns and oilfield shutdowns.
The American Petroleum Institute's crude oil supply figures for the week ending Dec. 24 indicated a decline of 3.1 million barrels in the United States. Forecasts prepared by Investing.com expected a 3.23-million-barrel draw, whereas the previous week saw a 3.67-million-barrel draw.
Investors are now waiting for crude oil supply data from the United States Energy Information Administration, which is due later in the day.
While Russia is unlikely to meet its May objective of pre-pandemic oil output levels due to a shortage of spare production capacity, experts and corporate sources believe it could achieve it later in the year.
According to Russia's Deputy Prime Minister Alexander Novak, output is projected to reach pre-pandemic levels of roughly 11.33 million barrels per day (bpd) of oil and gas condensate by May 2020.
Investors are now looking forward to the OPEC+ meeting on January 4, when the cartel will determine whether to proceed with a projected 400,000 barrels per day increase in February production.
Despite Omicron, OPEC+ decided to increase output in January at their most recent meeting.
According to the Iranian Oil Ministry, the development of Iran's largest oilfield, Azadegan, is expected to be completed by mid-2023. It has a total capacity of 320,000 barrels per day (bpd).
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
On Wednesday, oil prices in the United States climbed for the sixth time in a row.
Brent oil prices were unchanged at $78.78 while WTI crude oil futures rose 0.03 percent to $76.00. Both have benefited from stocks' growth.
A variety of asset sectors, from oil to equities, have recovered losses since late November, when the Omicron form of COVID-19 threw investors into a tailspin.
However, a delay in applying greater COVID limitations in the United Kingdom and France before the end of the year has given investors renewed confidence. Investors have returned to risk assets as concerns about its impact have subsided.
However, Omicron has resulted in staff shortages, resulting in thousands of aircraft cancellations in the United States over the Christmas holiday.
Oil prices were further supported by three oil companies reducing production due to maintenance concerns and oilfield shutdowns.
The American Petroleum Institute's crude oil supply figures for the week ending Dec. 24 indicated a decline of 3.1 million barrels in the United States. Forecasts prepared by Investing.com expected a 3.23-million-barrel draw, whereas the previous week saw a 3.67-million-barrel draw.
Investors are now waiting for crude oil supply data from the United States Energy Information Administration, which is due later in the day.
While Russia is unlikely to meet its May objective of pre-pandemic oil output levels due to a shortage of spare production capacity, experts and corporate sources believe it could achieve it later in the year.
According to Russia's Deputy Prime Minister Alexander Novak, output is projected to reach pre-pandemic levels of roughly 11.33 million barrels per day (bpd) of oil and gas condensate by May 2020.
Investors are now looking forward to the OPEC+ meeting on January 4, when the cartel will determine whether to proceed with a projected 400,000 barrels per day increase in February production.
Despite Omicron, OPEC+ decided to increase output in January at their most recent meeting.
According to the Iranian Oil Ministry, the development of Iran's largest oilfield, Azadegan, is expected to be completed by mid-2023. It has a total capacity of 320,000 barrels per day (bpd).
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.