Brent crude futures fell 31 cents, or 0.4%, to $79.22 a barrel at 0427 GMT, while U.S. West Texas Intermediate crude futures dropped 37 cents, or 0.5%, to $76.62 a barrel.
Brent is on track to end the year up 53%, while WTI is heading for a 57% gain, the strongest performance for the two benchmark contracts since 2009, when prices soared more than 70%. Both contracts touched their 2021 peak in October with Brent at $86.70 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the loftiest since 2014.Signage is seen on a gasoline pump at an Exxon gas station in Brooklyn, New York City, U.S., November 23, 2021.
"We've had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm. You can attribute that to the effects of stimulus supporting demand and restrictions on supply," said Australian brokerage firm CommSec's Chief Economist Craig James.
U.S. health experts warned Americans to prepare for severe disruptions in coming weeks, with infection rates likely to worsen amid increased holiday travel, New Year celebrations and school reopenings following winter breaks.With oil hovering near $80, the Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will probably stick to their plan to add 400,000 barrels per day of supply in February when they meet on Jan.
"I think we will see a lot of pressure on OPEC+ to make sure there's enough oil being supplied to market," James said.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The best pressure washer for cleaning away mud, oil, paint, and moreFind the best pressure washer for washing cars, removing mold, cleaning patios, concrete & more. There's no end to the things you can clean!
Lire la suite »
USD/CAD refreshes two-week low below 1.2800 on firmer oil prices, softer USDUSD/CAD refreshes two-week low below 1.2800 on firmer oil prices, softer USD By anilpanchal7 USDCAD RiskAppetite YieldCurve Coronavirus Currencies
Lire la suite »
Texas Oil Billionaire William 'Tex' Moncrief Jr. Passes Away At 101William Alvin Moncrief Jr., a Texas wildcatter who helped build a father-son venture into an oil and gas empire over more than 70 years in the industry, has died.
Lire la suite »
USD/CAD remains steady above 1.2800 amid falling oil pricesUSDCAD Price Forecast: It is tilted upwards as long as the DMAs reside below the spot price. It remains steady above 1.2800 amid falling oil prices. Markets Analysis
Lire la suite »
USD/CAD remains steady above 1.2800 amid falling oil pricesThe USD/CAD slumps during the New York session, trading at 1.2809 at press time. Investors’ mood is mixed, as US equity indices fluctuate between gain
Lire la suite »
Oil News and Forecast - FXStreetCheck our updated for Oil News including real time updates, technical analysis and the economic latest events from the best source of Forex News.
Lire la suite »