A report issued by the joint technical committee of the “OPEC Plus” group, expected that the Omicron mutator from the emerging corona virus will have a limited and temporary impact on the oil market, which rebounded sharply in the last months of last year, benefiting from hopes of economic recovery.
In details, the report said that the impact of the new mutation is expected to be mild and short-lived with the improvement of the global ability to deal with COVID-19 and the challenges associated with it.
drop in prices
It is noteworthy that on the last day of last year, oil prices declined, but they remained heading towards achieving their largest annual gains since at least 2016, driven by the recovery of the global economy from the recession caused by Covid-19 and restrictions adopted by producers, even with the increase in HIV infections to levels standard around the world.
And Brent crude contracts for the year and West Texas crude touched their highest levels in 2021 in October, when Brent crude recorded $ 86.70 a barrel, the highest level since 2018, while West Texas Intermediate crude recorded $ 85.41 a barrel, its highest level since 2014.
New world levels
It is also expected that global crude prices will continue to rise during the next year, with the increase in demand for jet fuel.
While oil prices stopped increasing, last Friday, following rising for several consecutive days, affected by the escalation of Covid-19 injuries to new levels globally from Australia to the United States.