Brent Crude Oil Price Stable Above $ 76

On Friday, December 24, trading in oil was not held on the occasion of national holidays in the United States and Europe. On Monday, December 27, trading opened at $ 76.30.

The oil market was supported last week by reports that the new Omicron strain of COVID-19 is less dangerous than previous variants of the coronavirus. A number of recent studies have shown that the risk of hospitalizations infected with omicron is significantly lower compared to the Delta variant.

In addition, the Food and Drug Administration (FDA) has approved the use of coronavirus drugs from Pfizer and Merck.

Despite a sharp increase in the number of cases of COVID-19 in the UK, Australia, France and other countries, the oil price is stable at $ 76 per barrel. Buyers will encounter resistance along the way at $ 77.35. If they pass it successfully, their attention will switch to the $ 80 level.