Crude oil futures closed higher on Friday (January 14) and gained strength this week. Trading sentiment in the market remains positive. Investors’ concerns about the impact of the Covid 19 pandemic on oil demand subsided, and market sentiment has continued to strengthen.
- WTI crude futures were up $1.70, or 2.1%, at $83.82 a barrel.
- BRENT crude futures were up $1.59, or 1.9%, at $86.06 a barrel.
The IEA expressed confidence earlier this week, noting that oil demand was stronger than many market observers had expected. The impact of the Omicron strain outbreak is less severe than expected.
The devaluation of the dollar and the tense situation on the oil market also drove prices up.
Many analysts predict that the price of oil this year will reach the mark of $ 100 per barrel. This was positively influenced by the strong demand and that OPEC and allies produce less oil than the set amount.
Meanwhile, shares of some oil producers jumped to a new 52-week high this week. BP (BP) hit a new 52-week high yesterday at $32.08. Exxon Mobil Corporation (XOM) jumped to a new 52-week high and is currently at $70.63. Chevron Corporation (CVX) jumped to a new 52-week high and is currently at $128.96. Marathon Petroleum Corporation (MPC) is rising to a new 52-week high currently at $74.74.
The Spot Market is Closed
Saturday, January 15, 2022