Driven by the “global economic recovery from recession” and restrictions adopted by producers
Despite declining 1% during yesterday’s trading, oil prices achieved their largest annual gain in 12 years, driven by the global economic recovery from the recession caused by “Covid-19” and restrictions adopted by producers, even as injuries rose to record levels around the world.
On the last day of 2021, Brent crude futures ended the year up 53%, while US crude futures gained about 57%, the strongest performance of the two benchmark contracts since 2009 when prices rose more than 70%.
“We’ve been through Delta and Omicron and all kinds of shutdowns and travel restrictions, but oil demand has remained a bit strong, you can attribute that to the effects of the demand-supporting stimulus and to supply constraints,” said Craig James, chief economist at Comsk. However, oil prices stopped increasing yesterday, after rising for several consecutive days, as “Covid-19” infections rose to new high levels globally, from Australia to the United States, which is fueled by the mutated strain of the highly contagious Corona virus, Omicron.
Brent crude futures fell 86 cents, or 1.1 percent, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1 percent, to $76.19 a barrel.
Yesterday, the US Department of Energy said that it had agreed to withdraw two million barrels of crude oil from its strategic reserves for Exxon Mobil Corporation as part of a previously announced plan aimed at lowering gasoline prices.
The ministry added that it has thus withdrawn a total of more than seven million barrels of reserves to boost the country’s fuel supply.
2021 witnessed a feverish rise in the prices of energy-related raw materials, such as gas, oil and coal, which was reflected in an increase in the cost of electricity and carbon. Last, in the field of raw materials.
The most impactful event .. Oil prices to the largest annual gain in 12 years
Sabq electronic newspaper
already
2022-01-01
Despite declining 1% during yesterday’s trading, oil prices achieved their largest annual gain in 12 years, driven by the global economic recovery from the recession caused by “Covid-19” and restrictions adopted by producers, even as injuries rose to record levels around the world.
On the last day of 2021, Brent crude futures ended the year up 53%, while US crude futures gained about 57%, the strongest performance of the two benchmark contracts since 2009 when prices rose more than 70%.
“We’ve been through Delta and Omicron and all kinds of shutdowns and travel restrictions, but oil demand has remained a bit strong, you can attribute that to the effects of the demand-supporting stimulus and to supply constraints,” said Craig James, chief economist at Comsk. However, oil prices stopped increasing yesterday, after rising for several consecutive days, as “Covid-19” infections rose to new high levels globally, from Australia to the United States, which is fueled by the mutated strain of the highly contagious Corona virus, Omicron.
Brent crude futures fell 86 cents, or 1.1 percent, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1 percent, to $76.19 a barrel.
Yesterday, the US Department of Energy said that it had agreed to withdraw two million barrels of crude oil from its strategic reserves for Exxon Mobil Corporation as part of a previously announced plan aimed at lowering gasoline prices.
The ministry added that it has thus withdrawn a total of more than seven million barrels of reserves to boost the country’s fuel supply.
2021 witnessed a feverish rise in the prices of energy-related raw materials, such as gas, oil and coal, which was reflected in an increase in the cost of electricity and carbon. Last, in the field of raw materials.
01 Jan 2022 – 28 Jumada I 1443
10:50 AM
Driven by the “global economic recovery from recession” and restrictions adopted by producers
Despite declining 1% during yesterday’s trading, oil prices achieved their largest annual gain in 12 years, driven by the global economic recovery from the recession caused by “Covid-19” and restrictions adopted by producers, even as injuries rose to record levels around the world.
On the last day of 2021, Brent crude futures ended the year up 53%, while US crude futures gained about 57%, the strongest performance of the two benchmark contracts since 2009 when prices rose more than 70%.
“We’ve been through Delta and Omicron and all kinds of shutdowns and travel restrictions, but oil demand has remained a bit strong, you can attribute that to the effects of the demand-supporting stimulus and to supply constraints,” said Craig James, chief economist at Comsk. However, oil prices stopped increasing yesterday, after rising for several consecutive days, as “Covid-19” infections rose to new high levels globally, from Australia to the United States, which is fueled by the mutated strain of the highly contagious Corona virus, Omicron.
Brent crude futures fell 86 cents, or 1.1 percent, to $78.67 a barrel, while US West Texas Intermediate crude futures fell 80 cents, or 1 percent, to $76.19 a barrel.
Yesterday, the US Department of Energy said that it had agreed to withdraw two million barrels of crude oil from its strategic reserves for Exxon Mobil Corporation as part of a previously announced plan aimed at lowering gasoline prices.
The ministry added that it has thus withdrawn a total of more than seven million barrels of reserves to boost the country’s fuel supply.
2021 witnessed a feverish rise in the prices of energy-related raw materials, such as gas, oil and coal, which was reflected in an increase in the cost of electricity and carbon. Last, in the field of raw materials.