Baghdad Oil prices rose today, Tuesday, after concerns eased about the impact of the Omicron mutant on global fuel demand, and the faltering nuclear talks with Iran, which disrupted the return of Iranian crude supplies to the market.
Saudi Arabia raised the official selling price, after OPEC + agreed to continue to increase supplies by 400,000 barrels per day in January, despite the consumption from the US strategic oil reserve.
Brent crude futures rose 60 cents, or 0.8%, to $73.68 a barrel.
US West Texas Intermediate crude futures rose 74 cents, or 1.1%, to $70.23 a barrel, after rising 4.9% in the previous session.
Oil prices fell last week, amid fears that available vaccines would be less effective in resisting the new mutant, Omicron, which raised fears that governments would resort to re-imposing restrictions to limit its spread, which could harm global growth and demand for oil.
Source: National Iraqi News Agency