Oil prices rise amid omicron spread

Global oil prices on January 18 morning continued to rise due to its potential shortage in the market, after the price of Brent exceeded $87 per barrel for the first time since October 2014, Report informs.

The price of March futures for Brent crude rose by 0.93% to $87.28 per barrel, March futures for WTI grew in price by 1.25% to $84.34 per barrel.

There was a positive trend in the oil market, as investors assess the balance of supply and demand for oil in the market.

The market is still in a surprisingly large deficit, Goldman Sachs said, as the Omicron strain has so far had little impact on demand than expected.

In addition, investors are evaluating the news from Abu Dhabi, which led to tension in the oil market. So, three tanks with fuel exploded next to the fuel depots of the oil company ADNOC.

On January 18, oil traders are also waiting for the publication of the OPEC report.