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Monday, March 27, 2023

Oil major for biggest annual profit since 2009

Oil prices fell on Friday but were set to post their biggest annual gain in 12 years, driven by a global economic recovery from the COVID-19 slowdown and producer restraint, even as That infection reached record highs around the world.

Brent crude futures fell 3 cents to $79.50 a barrel as of 0718 GMT, while US West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.1%, to $76.89 a barrel.

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Brent is on track to end the year up 53%, while WTI is headed for a 57% gain, the strongest performance for the two benchmark contracts since 2009, when prices rose more than 70%. Both contracts touched their 2021 peak in October with Brent at $86.70 a barrel, the highest since 2018, and WTI at $85.41 a barrel, the highest since 2014.

Global oil prices are expected to rise further next year as demand for jet fuel continues to grow.

Signage is seen at a gasoline pump at an Exxon gas station on November 23, 2021 in Brooklyn, New York City, US. Reuters/Andrew Kelly (Reuters)

“We have Delta and Omicron and all kinds of lockdowns and travel restrictions in place, but oil demand has remained relatively stable. You can attribute that to the impacts of the backing of the restrictions on demand and supply,” said the chief economist at Comsek, an Australian brokerage firm. can.” Craig James.

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However, after rising for several straight days, oil prices stalled on Friday as COVID-19 cases hit new pandemic highs around the world, from Australia to the United States, halted by the highly transmissible Omicron coronavirus variant. went.

US health experts warned Americans to prepare for severe disruptions in the coming weeks, as infection rates are likely to worsen amid holiday travel, New Year’s celebrations and school reopenings after the winter break.

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With oil hovering near $80, the Organization of the Petroleum Exporting Countries, Russia and allies, called OPEC+, will likely stick to their plan to add 400,000 barrels a day of supplies in February, when they meet on January 4. , the four sources said, as they continue to roll back sharp production cuts implemented in 2020.

“I think we will see a lot of pressure on OPEC+ to ensure that enough oil is being supplied to the market,” James said.

(Reporting by Sonali Paul and Florence Tan; Editing by Sam Holmes)

World Nation News Desk
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