BUSINESS

Brent crude crosses $83 a barrel as oil prices extend gains

January 11, 2022

Saudi Gazette Report

LONDON
- Oil prices on Tuesday witnessed a rise amid waning fears of the mutant Omicron, as Brent crude jumped by 3.5% to $83 a barrel.

While U.S. West Texas Intermediate (WTI) rose by 1.7% to $79.55.

Oil prices rose in the US global market, to approach again touching its highest level in two months, due to the decline of the US dollar which helped in supporting the rise.

Meanwhile, according to data by "Euro Oil Stock", stocks of crude and oil products in European refineries fell by more than 11% on an annual basis in December.

It was pointed out that the crude consumption rates in refineries decreased last month by 4% from November levels to 9.22 million barrels per day, while it was 8% higher than December 2020 levels.”


January 11, 2022
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