MELBOURNE (Archyde.com) – It rose on Tuesday following two days of losses, thanks to the return of investors’ appetite for risk, while the market awaited signals from the head of the Federal Reserve (Fed) on raising interest rates.
The rise also comes at a time when some oil producers are finding it difficult to raise the level of their crude production.
It rose 26 cents, or 0.3 percent, to $ 81.13 a barrel by 0156 GMT, following falling by one percent in the previous session.
Weakness helped support prices on Tuesday, as this makes Oil cheaper for holders of other currencies.
Oil prices fell in the previous two sessions due to fears caused by the rapid global rise in infections with the mutated Omicron strain of the Corona virus, which might weaken demand for fuel.
However, analysts pointed out that supplies from OPEC and non-OPEC producers, in what is known as the OPEC + grouping, are not keeping pace with demand, which supports prices.
Libya, which is exempt from OPEC supply restrictions, has been hit by pipeline maintenance (SE:) and oil field disruptions. But it resumed production on Monday at the El Feel oil field, following it was halted by an armed group last month.
(Ali Khafaji Sobhi for the Arabic Bulletin)
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