Oil prices rise amid growing demand

Global oil prices rose by more than 1% on January 19 morning on estimates of continued high demand in the world, Report informs.

The price of March futures for Brent crude increased by 1.14% to $88.51 per barrel, March futures for WTI rose by 1.24% to $85.88.

Traders drew attention to January 18 OPEC report, according to which commercial stocks of oil and petroleum products in the countries of the Organization for Economic Cooperation and Development (OECD) in November were below the five-year average by 247 million barrels and below the 2015-2019 figure by 221 million barrels.

The Wall Street Journal reports that global oil demand may remain resilient despite a global spike in cases of infection with the Omicron strain of coronavirus.

Oil prices are also positively influenced by the reports of sabotage, when a series of explosions occurred January 17 in the capital of the UAE, Abu Dhabi. The UAE Foreign Ministry blamed the Houthis ruling in northern Yemen. In particular, three fuel tanks exploded near the fuel depots of the oil company ADNOC. Another explosion triggered a small fire in the area of ​​new buildings at Abu Dhabi Airport.