Oil rises / returns above $ 71

Oil prices rose more than $ 1 in trading today after Saudi Arabia increased its oil prices for sale in Asia and the United States and Iran’s talks with the Group of Four remained incomplete, according to the Fars International Economic Group. Found.

Brent crude traded up $ 71.72 at $ 71.60 a barrel. US crude traded up $ 1.68 at $ 68.16 a barrel.

In the last hours of yesterday, Saudi Arabia increased the selling price of its oil for sale in Asia and the United States by 80 cents compared to last month.

The rise in oil prices comes despite a decision last week by the Organization of the Petroleum Exporting Countries (OPEC) plus Like Russia; OPEC plus Last week, it decided to add 400,000 barrels of oil per day to its production in January.

On the other hand, the weakening outlook for increasing Iran’s oil exports after the negotiations between Iran and the Group of Four plus One last week were another factor in the increase in oil prices.

Institute Morty “While this group (OPEC plus“He believes that this decision was made solely on the basis of fundamental factors affecting the market. It is difficult not to see the US hand in this game, especially given the visit of the US representative to Saudi Arabia this week.”

“The situation in Iran has definitely been discussed, and Saudi Arabia’s agreement to increase production shows that a compromise has been reached and that relations with the government have improved. Biden “It is on the agenda.”

The agency said that despite the planned increase in production, the increase in Russian production has failed because the country’s major producers are likely to have technical problems in increasing production. Aligned They are faced with the current agreement.

The GC has downgraded its forecast for crude oil demand in December and January to about 300,000 barrels per day.

This review removes most of the supply constraints that the market had previously considered.

US energy companies kept the number of oil and natural gas rigs unchanged last week.

Virus Omicron About a third of US states are closed by Sunday.

Both crude oil indexes fell for the first time in a row after falling last week and recording their sixth consecutive week November 2018 due to concerns about the spread of the new species coronavirus Called Omicron Which could affect economic growth and fuel demand increased.

Kelvin Wang, CMC market analyst said technical tables show the WTI has oversold, which could make short-term buying traders looking to raise prices have, Attract.

He added: “Published news about Omicron It is still superficial and without details and sends contradictory messages to the market; “Thus, I do not see a very strong increase in oil prices.”

Still the IMF says the possibility that international banks due to the new species of the virus coronavirus, Reduce their forecasts of global economic growth.

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