SINGAPORE- Oil prices edged higher on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand.
Brent crude futures increased by 9 cents, or 0.1 percent, to $71.61 a barrel, while US West Texas Intermediate (WTI) crude futures rose by 23 cents, or 0.3 percent, to $68.84 a barrel.
“It also looks increasingly likely that the UK will reimpose restrictions sometime after Boxing Day (Dec 26), with daily cases moving to record highs,” analysts from JBC Energy wrote in a note on Tuesday.
British Prime Minister Boris Johnson said on Monday he would tighten coronavirus curbs to slow the spread of the Omicron variant if needed, after the Netherlands began a fourth lockdown and other European nations considered Christmas restrictions.
Omicron infections are multiplying rapidly across Europe and the United States, doubling every two or three days in London and elsewhere and taking a heavy toll on financial markets, which fear the impact on the global economic recovery.
Still, Moderna Inc said on Monday that a booster dose of its COVID-19 vaccine appeared to be protective against the fast-spreading Omicron variant of the coronavirus in laboratory testing, providing some hope to investors.
On the supply front, OPEC+ compliance with oil production cuts rose to 117 percent in November from 116 percent a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets.
OPEC+ compliance with oil production cuts rose to 117 percent in November from 116 percent a month earlier, two sources from the group told Reuters, indicating production levels remain well below agreed targets.
