Oil prices recovering from last week’s fall

Global oil prices on December 6 morning are growing significantly, while the WTI crude is making up for almost all the decline of the last week, Report informs referring to the auction data.

February futures for Brent crude oil jumped in price by 2.09%, to $71.34 per barrel, while January futures for WTI oil grew 2.25%, to $67.77 per barrel.

The oil market on December 6 morning saw a 2% rise in prices after last week’s Brent fell by almost 4%, and WTI - by 2.77%. This decline was facilitated by the spread of the omicron strain of the new coronavirus. Oil prices have been declining, according to analysts polled by the Wall Street Journal, as the omicron threatened the outlook for global energy demand.