| At 10:13 am Singapore time (0213 GMT), the ICE March Brent futures contract was up 7 cents/b (0.09%) from the previous close at $81.82/b, after falling by close to 50 cents/b earlier in the morning.
China is currently battling another outbreak of COVID-19 infections across several states, with the latest being a cluster in the Northern city of Tianjin found over the weekend that included two omicron cases. While no citywide lockdown measures have been announced, the city’s 14 million residents have been advised to stay home and are barred from using public transport until they can produce a negative test result. Nationwide, China reported 92 locally transmitted cases as of Jan. 8, latest data from the country’s National Health Commission showed, down three from the previous day. India reported a sharp rise in COVID-19 cases over the past week, while caseloads in the US remained at critically high levels. (S&P Global Platts)
A market that was supposed to suffer a ballooning surplus instead surpassed $80 a barrel last week as global demand shrugs off the omicron variant, while a host of supply constraints hit producers from Canada to Russia. With investment banks calling for higher prices, and options contracts invoking the prospect of crude spiraling above $100, the commodity is threatening to intensify the inflationary pain felt by major consumers. (Bloomberg)
Movements in the price of oil are felt more keenly and quickly than any other commodity because it passes almost immediately into the cost of end-products like gasoline, diesel and jet fuel. This month there were riots across Kazakhstan after the government there allowed the price of liquefied petroleum gas — a key road fuel — to surge. (Bloomberg)
OIL MARKET ROUND-UP: (Bloomberg) |
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