Tuesday, 18 January, 2022

Oil price rises as investors focus on OPEC+ decision

TOKYO: Oil prices rose on Thursday, more than recouping the previous day’s losses, as investors adjusted positions ahead of an OPEC+ decision over supply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand.

Brent crude futures rose $1.24, or 1.8 per cent, to $70.11 by 0748 GMT, having eased 0.5 per cent in the previous session, report agencies.

U.S. West Texas Intermediate (WTI) crude futures gained $1.13, or 1.7 per cent, to $66.70 a barrel, after a 0.9 per cent drop on Wednesday. “Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week,” said Tsuyoshi Ueno, senior economist at NLI Research Institute. Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron first shook investors.