Brent oil futures inched below 0.10% to $76.52 by 9:47 PM ET (2:47 AM GMT). WTI futures increased 1.32% to $73.72.
Good news from the coronavirus front gave the black liquid a boost, with trading volumes thin before the holidays.
A U.K. health agency stated that Omicron was less likely to induce hospitalization than the Delta variant. On Thursday, the U.S. Food and Drug Administration also endowed emergency use approval for Merck & Co . Inc.’s (NYSE: MRK) coronavirus pill on Pfizer Inc.’s (NYSE: PFE) coronavirus antiviral therapy, Paxlovid, obtained emergency use authorization from the regulator the day before.
OANDA Corp. senior market analyst Edward Moya informed Bloomberg that crude prices stabilized behind a rash of primarily positive coronavirus vaccine/treatment headlines in the war against Omicron.
To him, it seems all the significant catalysts that await oil in the New Year lean towards higher prices.
Nevertheless, investors remained careful amid swelling infection cases, Nissan Securities general manager of research Hiroyuki Kikukawa informed Reuters.
United Airlines and Delta Air Lines (NYSE: DAL) declared they had each withdrawn dozens of Christmas Eve flights on Thursday. This is due to the spread of Omicron suggesting a smaller workforce.
According to Kikukawa, given the elevated natural gas prices in Europe and Asia, the oil will likely keep a positive attitude that some industries switch fuel from high-priced gas to oil.
Meanwhile, Exxon Mobil (NYSE: XOM) has extinguished a fire at its Baytown oil-processing facility, one of the biggest in the U.S. Exxon spokeswoman Julie King stated the company is adjusting operating rates to stabilize the affected unit. Hence, gasoline’s premium over crude collided around 6.1% behind the news.
In a world where economic uncertainty looms, and geopolitical tensions persist, investors often turn to precious metals as a reliable…
Key points: Apple collaborates with Taiwan Semiconductor to create AI chips for efficient data centre operations. Despite a 4% revenue…
Key Points Bitcoin's support is $63,350, with further levels at $62,800 and potential dips to $60,800. Key resistance at $64,500;…
Key Points: Amazon Web Service (AWS) has committed $8.87 billion to enhance data centre capabilities in Singapore over the next…
Key Points USD weakness fuels GBP surge; Dovish Federal Reserve Comments Hint at Possible rate cuts, boosting GBP/USD to 1.2560.…
Key Points: Brent oil futures increased by 0.5% to $83.73/barrel, and WTI up 0.6% to $78.56/barrel. Israeli military action in…
This website uses cookies.