NEW YORK – Oil prices rose Wednesday amid fears of tight supply, a drawdown of US inventors and a rise in oil prices. However, there were concerns about economic activity being affected by the spread of the omicron Coronavirus variant.
US inventors fell more quickly than expected. Crude stocks dropped by 4.7 Million barrels. However, this is partly due to year-end tax considerations which encourage companies to not store crude barrels. Brent crude futures rose 79cents or 1.1 percent to $74. 76 was up 3.4 percent since the end of the previous session. US West Texas Intermediate crude oil futures rose 99cents to $72. 11 per barrel, an increase of 1.4 percent, as 12: 23 at EST (1723 GMT. Phil Flynn, senior analyst at Price Futures Group, Chicago, stated that there was a decline in production and an increase in inventories. “There’s not much room for error because supplies are below average across the board.” “Because the supplies are below average across all sectors, there’s not much room for error.” The most recent week saw a sharp increase in gasoline storage, raising concerns that US travelers might suddenly change their plans. This could potentially impact demand for the largest gasoline consumer in the world. “COVID-19 is killing demand for gasoline in just a week — people driving is just not happening,” said Bob Yawger, director of energy futures at Mizuho Securities.
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