Oil in the USA after nearly $76 per barrel

Oil on the New York Stock Exchange is more expensive and is close to $76 per barrel, after an increase of 2.4 percent on Monday and the highest price at the closing session since November 24. The raw material gains along with other assets on stock exchanges in the US, where investors are more willing to take risks by the coming end of the year, say brokers.

West Texas Intermediate oil barrel in deliveries for February costs 75.95 USD on NYMEX in New York, higher by 0.50%.

Brent on ICE in London in deliveries for February is valued at $78.90 per barrel, higher by 0.38%.

Oil in the U.S. is on its way to record the largest annual increase in listings in over 10 years at the time of the exit of the economy after the Covid-19 pandemic.

The raw material has also passed the 7th quarter with a rise in prices, and so a long series of quarterly increases have not occurred in the US since at least 1983.

Oil price increases in the fuel markets could be even higher, but they have slightly weakened in recent months due to the US reaching for oil from strategic reserves (SPR), the emergence of a new coronavirus variant – Omicron and signals of a weakening demand for fuel in Asian markets.

Meanwhile, investors are waiting for a Tuesday industry oil stock report in the US that will give the American Paliw Institute (API).

In the last 4 weeks, there has been a decline in American stock of raw material, but they grew in the oil storage center – in Cushing.

On tankers in the Gulf of Mexico, the amount of oil stored increased by 68% a week and now amounts to 2.09 million barrels.

In the world, the amount of oil stored there in tankers increased by 1.25 million barrels in the last week, which is 1.4% and amounts to 91.83 million barrels, according to Vortex data.

Source: PAP