Oil rises amid lowering COVID fears

Global oil prices rose on November 30 morning amid lowering fears about the epidemiological situation, according to trading data, Report informs citing Prime agency.

As of 8:48 a.m. (GMT+4), February futures for Brent crude rose 0.68% to $73.72 per barrel; the price of January futures for WTI oil rose 0.94% to $70.61 per barrel.

Positive price dynamics continued on the oil market on November 30, albeit less pronounced than the day before, when oil prices began to recover after last week’s collapse. Investors have slightly eased concerns about another strain of the new coronavirus, omicron, which has been found in South Africa.

In addition to the news about the omicron strain, traders are expected to also focus on negotiations that could potentially lead to a re-signing of the nuclear power treaty between the US and Iran, said ANZ analysts, quoted by the Wall Street Journal.