August 17, 2022

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Oil prices rise for the third day in a row

Traders also attributed the price hike to a decline in US crude oil reserves by 200,000 barrels in the previous week, which amounted to 432.9 million units.

At the close of operations in the New York market, the Texas Intermediate Oil (WTI) contract for January delivery was set at $72.36 a barrel, representing a profit of 31 cents, or 0.4 percent. a hundred.

Experts felt that with the price hike so far this week, they have largely recovered from the heavy losses they recorded in the previous stage.

Most of the losses in crude oil prices that caused the initial omicron panic have been reversed and the fuel price is now stable, said Rystad Energy analyst Louise Dixon.

Dixon added that while a full picture is not available yet, concerns about Omicron have been put to rest after symptoms of the new variant were rated moderate, a relief to investors who initially feared the worst.

Meanwhile, natural gas contracts in this market rose 11 cents this Wednesday to $3.81 per thousand cubic feet.

In contrast, the price of gasoline jumped five cents and declined the day set at $2.15 per gallon.

On the other hand, the London market, Brent oil from the North Sea, which was supplied in February, rose 46 cents, or 0.6 percent, at the closing price of $75.91 a barrel.

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