On December 28 oil rose in price on expectations of high short-term demand for it in Asia, especially in China and India, Report informs referring to the auction data.
The price of March futures for Brent crude oil has grown 0.08% to $78.28 per barrel, February futures for WTI crude grew 0.28% to $75.78.
The oil market is showing positive dynamics as investors assess the outlook for oil demand in Asia next year. According to S&P Global Platts, the figure will remain strong in the coming year. The agency also predicts that China and India will remain the ‘growth drivers’ of this demand. India’s monthly crude oil imports rose to a 10-month high in November as local refiners ramp up their stocks of crude.
In addition, oil investors are generally bullish as concerns over the omicron strain of coronavirus have been eased significantly by reports that it is not the most dangerous strain among others.