Crude prices rose this Wednesday morning, as the fear of a limited supply was offset by concerns about new restrictions due to Covid-19.
Crude futures Brent rose 37 cents, or 0.5%, to $ 74.35 a barrel, after gaining 3.4% the day before, while those of the West Texas Intermediate in the United States (WTI) they improved 48 cents, or 0.67%, to 71.63 dollars a barrel, after climbing 3.7% on Tuesday.
“The bias is positive because of the optimistic updates from the manufacturer of Modern vaccines (…) however the increases appear limited as investors appear to be wary of the omicron-related restrictions, “said Ajay Kedia of Kedia Commodities in Mumbai.
The executive president of Modern, Stephane Bancel, said Tuesday that the firm hopes to have no problems developing a booster vaccine that protects against Omicron and that he could start working in a few weeks.
In another bullish indicator, data from American Petroleum Institute (API) showed that crude inventories in the United States registered a greater decline than expected last week.
However, mobility cuts around the world reignited fears of falling demand for fuel.
Germany, Ireland, the Netherlands and South Korea are some of the countries that have reimposed partial or full closures or other social distancing measures in recent days.
Reference-www.eleconomista.com.mx