Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Mktrep, Rep

12/2/2021 6:30:00 AM

Oil rises on views OPEC+ may pause supply addition amid Omicron fears

Oil prices rose on Thursday, reversing the previous day's losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand.

Brent crude futures were up 48 cents, or 0.7%, at $69.35, having eased 0.5% in the previous session.Register now for FREE unlimited access to reuters.comRegister"Oil prices climbed as some investors anticipate that OPEC+ will decide to maintain the current supply levels in January to cushion any damage on demand from the Omicron spread," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.

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The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will likely decide on Thursday whether to release more oil into the market as previously planned or restrain supply.read moreSince August, the group has been adding an additional 400,000 barrels per day (bpd) of output to global supply each month, as it gradually winds down record cuts agreed in 2020.

The new variant, though, has complicated the decision-making process, with some observers speculating OPEC+ could pause those additions in January in an attempt to slow supply growth.Omicron is rapidly becoming the dominant coronavirus variant in South Africa less than four weeks after it was first detected there. On Wednesday, the United States became the latest country to identify an Omicron case within its borders. headtopics.com

read moreGlobal oil prices have lost more than $10 a barrel since last Thursday when news of Omicron shook investors.U.S. Deputy Energy Secretary David Turk said President Joe Biden's administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially.

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Gains in oil markets on Thursday were capped as the U.S. weekly inventory data showed U.S. crude stocks fell less than expected last week, while gasoline and distillate inventories rose much more than expected as demand weakened.

Read more: Reuters Top News »

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Gotta keep those prices high!

Oil demand, climate change clash in California pipeline plan | AP NewsLOS ANGELES (AP) — A proposal to replace an oil pipeline that was shut down in 2015 after causing California's worst coastal spill in 25 years is inching though a government review, even as the state moves toward banning gas-powered vehicles and oil drilling. ExxonMobile is responsible for the WORST OilAndGas pipeline disasters of our lifetime - how is this company STILL in business? NoMorePipelines WeCantBreatheOil EndFossilFuelSubsidies ClimateCrisis So much for phasing out production to reduce Global warming ... Lets have COP26 and then ignore everything to satisfy big oil ...

Just be careful...Also DONT PANIC the DRS in SO AFRICA have stated that OMICRON is far less severe then delta causing few if any hospitalizations & it has been around longer than thought & is now DOMINANT STRAIN. That could be good.

NPR Cookie Consent and ChoicesCBS recently reported that it was first detected in Western Europe, please let us kmow.of that is correct

Retailers need to stoke the Christmas spirit to hit lofty holiday sales targetsTarget, Walmart and other retailers hope to propel strong holiday shopping into December, despite a wave of early purchases and fears over the omicron variant.

CEOs' economic outlook hit the highest level in at least 20 years. But Omicron could change thatDespite rising labor costs, America's business leaders felt very bullish on the US economy — at least in the days prior to the emergence of the Omicron coronavirus variant.