World oil prices have risen in anticipation of increased demand ahead of the Christmas holidays and declining U.S. oil supplies. According to Report.ge, this is evidenced by trade market data.
Brent oil futures for February delivery rose by 0.23% to $ 74.15 a barrel.
WTI February futures rose by 0.41% to $ 71.41 a barrel.
According to data released by the American Petroleum Institute (API), commercial oil reserves in the US fell by 3.7 million barrels in the week of December 17.
Experts note that a new "Omicron" strain of coronavirus is spreading around the world, which threatens to introduce regulations. Thus, tightening restrictions in Europe will have a negative impact on oil prices.
Due to the declining demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels since May last year.
With the stabilization of the situation, oil production has more or less resumed. From August 2021, the Alliance increased oil production by 400 thousand barrels per month.
Since then, the organization's member states have met every month and discussed the production plan for the coming month.
