January 13, 2022

World Oil Prices Continue To The Highest Peak

 The rise in oil prices still showed no signs of stopping after it hit its latest two-month high with a 2% increase in the previous session.

In the Asian session, Brent crude futures traded steady at $ 84.50 a barrel, while US WTI traded little changed at around $ 82.48 a barrel.

Oil market sentiment has remained positive since the beginning of the year following concerns over Omicron easing despite an increase in Covid-19 cases worldwide due to the variant.

The strengthening of oil prices was further strengthened by the latest data from the Energy Information Administration (EIA) showing U.S. crude oil supplies fell for the seventh week in a row.

In addition, the EIA also increased its forecast for crude oil demand by 840,000 barrels per day for 2022, compared to its previous forecast for an increase of 700,000 barrels per day.

Meanwhile, analysts also see that the depreciation of the US dollar is one of the factors to the strengthening of oil prices to rise higher. The weak dollar makes oil prices cheaper for holders of other major currencies.