Quick links: United States | Major Indices | Indices Future | Real-time Commodities | Webinars | Coronavirus | Economic Calendar
Stock Market
Google executive to take over as a new CEO of Pinterest
Stock Market
Accounting firm gets 100 million fine for faulty regulations
Forex
The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price
Stock Market
Wall Street Lose Balance after recession strikes growth fear among consumers’
Stock Market
Inflation ringing the recession bell - Mohammed Shaheen
Commodities
28 Dec 2021
Oil Edges Higher amid Shrinking Omicron Fears
The Index Today
Oil prices gained on Tuesday similar to yesterday’s monthly high amid decreasing worries over the Omicron’s potentially adverse impact on the economy.
Brent crude soared by 7 cents (0.1%) with each barrel priced at $78.67 at 0728 GMT, while West Texas Intermediate crude increased by 17 cents (0.2%) with a cost of $75.74 per barrel.
Abhishek Chauhan, the Head of Commodities at Swastika Investmart Ltd. contended, "Worries regarding Omicron are easing across the globe, resulting in some optimism over demand.”
Regardless, oil gains remain restricted in view of the cancellation of flights in the U.S. over the Christmas weekend on the account of rising Omicron cases.
The recurring regulatory supply and demand policies by the Organization of the Petroleum Exporting Countries and its associates (OPEC+), have contributed to the 50% hike that oil has experienced this year.
Ajay Kedia, Director of Kedia Commodities, said, "Volumes are thin because of holidays, and markets have already digested Omicron concerns. So, the focus is on the January 4 meeting of OPEC+."
©Photo: SeongJoon Cho/Bloomberg
