Oil is heading for a weekly gain of 4%
Brent crude futures fell to $76.44 a barrel.
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Brent crude futures fell yesterday, after a three-day rise in weak trading during the Christmas holidays, but crude is still heading towards recording weekly gains, while the market focuses on the next steps of the “OPEC Plus” group, and the impact of the mutant “Omicron”. .
Brent crude futures fell 41 cents, or 0.5%, to $76.44 a barrel, after rising 2.1% in the previous session.
Crude is still about to record a weekly increase of about 4%.
And the markets in the United States were closed yesterday (Friday), due to the Christmas holiday.
Oil prices rebounded last week, as concerns receded about the impact of the highly contagious mutant "Omicron" in the global economy, as preliminary data indicated that it causes milder symptoms.
The "OPEC Plus" bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, will meet on January 4th.
"The group is likely to maintain its decision to increase oil supplies by 400,000 barrels per day, at its next meeting, as long as oil prices remain above $ 70 a barrel," said Chiyuki Chen, senior analyst at Sunward Trading.
However, some investors remained cautious due to the increase in infections with the "Omicron" mutant.
Corona virus infections increased significantly in the areas of the mutated spread, which prompted many countries to impose new restrictions, including Italy and Greece, while monitoring a record number of new infections.
In addition, Russian Deputy Prime Minister Alexander Novak said yesterday that "Russia believes that oil prices are unlikely to change much next year, with demand recovering to pre-pandemic levels by the end of 2022."
Novak added, to state television, that "Moscow plans to produce 540 to 550 million tons of oil next year."
• The market is awaiting the next steps of the "OPEC Plus" group, and the impact of the mutated "Omicron".
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