Oil prices rise 1.5% amid Omicron concerns

21/12/2021 Argaam

Oil drilling rigs

Oil prices rose today, Dec. 21, although investor concerns about Omicron and the speed of its global outbreak remain, amid the direction of a number of world governments to re-impose closure restrictions.

 

JBC Energy said in a note reported by Reuters that the United Kingdom may be heading to re-impose lockdown restrictions after Dec. 26, with daily infections heading to record levels.

 

British Prime Minister Boris Johnson said after a cabinet meeting yesterday that the situation is very difficult with hospital admissions rising sharply in London, indicating that he may take additional measures to control the spread of Omicron.

 

While sources reported that the rate of compliance with OPEC+ with the agreement to reduce production in November amounted to 117%, compared to 116% in October.

 

Futures contracts for the standard Brent crude for February delivery rose by 1.2% to $72.35 a barrel, at 09:00am Makkah time.

 

US NYMEX crude contracts for February delivery rose 1.5% to $69.61 a barrel.

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