Oil closes higher, with prospects for demand growth

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Oil futures closed higher on Tuesday (11), in a session in which the prospects for demand, in particular the potential to be less affected by restrictions to contain the Omicron variant of the coronavirus, stimulated prices.

In addition, investors continue to observe limitations on production, such as the political situation in Libya.

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WTI crude for February closed up 3.82% ($2.99), at $81.22 a barrel, on the New York Mercantile Exchange (Nymex), and Brent for March was up 3.52% ( US$2.85), at US$83.72 a barrel, on the Intercontinental Exchange (ICE).

“After two days of declines, oil prices are rising today, driven by positive demand signals for 2022 and an expectation of tightening global supply,” Rystad Energy points out.

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Demand prospects for 2022 are solid as many countries keep their borders open and avoid implementing strict lockdowns imposed during previous waves of Covid-19, with news that Ômicron is a less severe strain for most, says the consultancy. .

The demand for jet fuel, which had a more significant initial impact with the Ômicron announcement, is now seeing small recovery gains in North America, Asia and Europe, he points out.

Regarding production interruptions, for the analysis, the market believes that the problems in Libya will return or that demand growth will exceed the few thousand barrels at risk, as the political situation remains unstable after the postponed presidential elections.

Kassym-Jomart Tokayev, Kassym-Jomart Tokayev, announced on Tuesday that Russia will begin withdrawing its troops from the country in two days. According to Rystad Energy, the announcement, which also assessed that the protests in the country are stable in all regions, should ease concerns about the supply of 1.7 million barrels per day in the country’s oil production.

According to the Bloomberg, the Organization of Petroleum Exporting Countries and allies (OPEC+) does not want the commodity’s prices to rise to $100 a barrel and are reviving production quickly enough to prevent global markets from “overheating”, the oil minister said. of Oman, Mohammed Al Rumhi.

“We are very careful at OPEC+, we will review each month as we go along,” said the minister.

Capital Economics sees energy prices falling broadly this year as slower global growth is expected to cool rising demand, but low inventories of many fuels mean prices will remain historically high and volatile for some time to come.

In the case of Brent, the consultancy’s expectation is that the barrel will be traded close to US$ 60 at the end of the year.

Reference: CNN Brasil

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