Oil: Buyers Close To Target Zone Of $ 77 A Barrel

On Tuesday, December 7, oil trading ended with an increase. A barrel of Brent rose 1.98% to $ 75.12. The intraday high was fixed at $ 76.23.

Last week, oil prices dropped markedly to $ 65.73, fueled by the uncertainty surrounding Omicron and its implications for the global economic recovery. Also, the oil market was negatively affected by the decisions of several countries to release oil from reserves.

The price continued to rise on Tuesday amid easing concerns over the impact of the Omicron strain. In a couple of weeks it will become clear how dangerous it is for the global economy.

According to data provided by the American Petroleum Institute. Weekly crude oil inventories fell 3.089 million barrels. We are waiting for an official report from the US Department of Energy.

On Wednesday, December 8, at trading in Asia, Brent crude oil costs $ 75.15 per barrel. The external background for the oil market is positive, therefore buyers are set for further growth to the level of $ 77 per barrel. Price rebounded 16% from the 65.73 low. Further northward advancement will be difficult. Everything is free up to the level of 77, but on the way to it there may be downward corrections within 3-4%. Buyers' target is $ 80 per barrel by the end of the week.