Oil prices edge higher but investor worries on Omicron spread remain
Oil prices edged higher on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand.
Brent crude futures increased by 9 cents, or 0.1%, to $71.61 a barrel by 0105 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose by 23 cents, or 0.3%, to $68.84 a barrel.
"It also looks increasingly likely that the UK will reimpose restrictions sometime after Boxing Day (Dec 26), with daily cases moving to record highs," analysts from JBC Energy wrote in a note on Tuesday.
British Prime Minister Boris Johnson said on Monday he would tighten coronavirus curbs to slow the spread of the Omicron variant if needed, after the Netherlands began a fourth lockdown and other European nations considered Christmas restrictions.
Omicron infections are multiplying rapidly across Europe and the United States, doubling every two or three days in London and elsewhere and taking a heavy toll on financial markets, which fear the impact on the global economic recovery.
Still, Moderna Inc said on Monday that a booster dose of its COVID-19 vaccine appeared to be protective against the fast-spreading Omicron variant of the coronavirus in laboratory testing, providing some hope to investors.
On the supply front, OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets.
In the United States, crude oil inventories were expected to have fallen for a fourth consecutive week, while distillate and gasoline stockpiles likely rose last week, a preliminary Reuters poll showed on Monday.
The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due on Tuesday, and the EIA, the statistical arm of the U.S. Department of Energy, due on Wednesday.
Article excerpted from Reuters.
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Mrrichierich : NO INVESTORS ARE NOT WORRIED about fkn Rona!! So sick of seeing this gd FUD!! That’s just their excuse to keep fkn us and shorting the shit outta everything!
efficentupup OP Mrrichierich : be cautious
Mrrichierich efficentupup OP : Always cautious, ESPECIALLY in this choppy shit!
Mrrichierich Mrrichierich : Been trading everyday straight for over a year now, Yhea Yhea I know, that ain’t shit lol but 45 yrs old and watched the market closely my whole life just wasn’t till about a year ago I stated having a little extra cash to throw into it seeing we have 3 kids and wife hasn’t t work the 21yrs! But ALWAYS had an attraction to the market since I was early teen and have had dreams of hitting some cancer cure lol
! I play small cause that’s all I can play but starting a year ago and looking for squeezes and shorted shit taught me how to play with these fks!!
Mrrichierich Mrrichierich : I also studied the shit outta options for a year prior to playing them!
Mrrichierich Mrrichierich : But it doesn’t take a Rocket Scientist to see how tilted and manipulated this market is for retail!!
Mrrichierich Mrrichierich : AGAINST retail!!
efficentupup OP Mrrichierich :
Mrrichierich efficentupup OP : That’s a confusing pic actually lol!! About as confusing as the market so is so hope that’s what you were going for!!!!