On Thursday, oil prices are rising as stocks are shrinking in the market, indicating that demand for energy remains strong, Interfax reports.
Brent futures reached $74.43 per barrel. On Wednesday, Brent rose in price by $0.18 (0.2%) to $73.88 per barrel.
WTI by this time traded at the level of $71.55 per barrel. During the previous session, the contract rose by $0.14 (0.2%) to $70.87 per barrel.
"The market was setting a worst-case scenario for demand with the omicron," Daniel Hines, commodities analyst at Australia & New Zealand Banking Group, told Bloomberg. - Nevertheless, it cannot be said that the worst is over. Many risks remain. "
By 2050, oil production in Canada will be halved.