NextGen Day

Oil prices rose on Monday as a result of supply interruptions in Libya and ahead of the Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting on Tuesday when producers will decide how much oil to pump in February.

At 0656 GMT, international benchmark Brent crude was trading at USD78.44 a barrel, up 0.84 percent from the conclusion of the previous session of USD77.78.

At the same time, the American benchmark West Texas Intermediate (WTI) was trading at USD75.86 per barrel, up 0.86 percent from the previous session’s close of USD75.21 per barrel.

With Libya’s declaration on Saturday of production restrictions of roughly 200,000 barrels of crude oil starting Tuesday owing to repairs on the main crude oil pumping line connecting the fields of Samah and Al, oil markets started the new year on a high note.

It was positive news for the oil market, given the uncertainty surrounding Covid-19’s omicron version.

As the number of daily Covid-19 cases in the United States surpassed 345,000, Anthony Fauci, the country’s top infectious disease expert, warned of the risk of a spike in hospitalizations due to a large number of coronavirus cases, despite early data suggesting that the omicron Covid-19 variant is less severe.

More than 3,600 flights were canceled around the world on Sunday, with more than half of them originating in the United States. According to a running tally on the tracking website FlightAware.com, these cancellations added to the toll of Christmas travel disruptions caused by the omicron variety.

More than 6,400 flights were impacted, including delayed but not canceled flights.

Investors are also looking forward to the OPEC+ meeting on January 4, which will bring together producers from the OPEC group and its partners. In February, the company will decide whether or not to increase output by 400,000 barrels per day (BPD).

OPEC+ producers agreed to stick to the scheduled output scheme at their previous meeting, despite pleas from numerous countries, including the United States, to increase supplies.

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