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Oil Prices in 4th Weekly Gain on Signs of Tighter Supplies, Firmer Demand

CommoditiesJan 14, 2022 03:10PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Crude settled higher on Friday, notching a fourth positive week, supported by bets the Omicron-fueled drag on demand will be short-lived at a time when global supplies are expected to tighten.

On the New York Mercantile Exchange crude futures gained 2.1% to settle at $84.82 a barrel, while on London's Intercontinental Exchange (NYSE:ICE), Brent added 2.0% to trade at $86.14 a barrel.

The fourth week of gains in oil prices has been supported by easing fears about the Omicron variant's impact on demand.

The International Energy Agency said earlier this week that demand was proving stronger “than many of the market observers had thought, mainly due to the milder Omicron expectations.”

As well as positive demand, supply disruptions from key producers including Nigeria and Libya have propped up bets of tightening global supplies and underpinned a climb in oil prices.

“The forward curves of Brent and WTI are in a pronounced state of backwardation, which points to tight supply,” {{0|Commerzbank said in a note after lifting its price target for Brent in the current quarter to $80 from $70.

Oil prices were also underpinned by a weaker dollar, which despite a gain on Friday, is on course for a weekly slump. 

A weaker dollar makes oil, priced in the U.S. dollars, less expensive in other currencies, boosting demand.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.40% to $95.15, but is on course for weekly loss.

Oil Prices in 4th Weekly Gain on Signs of Tighter Supplies, Firmer Demand
 

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Comments (14)
John Eisenbeiser
John Eisenbeiser Jan 15, 2022 4:07AM ET
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$100 by Easter
Aleksandr Radchenko
Aleksandr Radchenko Jan 15, 2022 4:07AM ET
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oil will be worth $100 if bitcoin is worth $100,000.
Lucky Man
Lucky Man Jan 15, 2022 12:07AM ET
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there is no demand...every report is bearish...its only manipulation by OPEC EVIL....Biden is weak cannot turn down the OIL price
perplexed76 .
perplexed76 . Jan 14, 2022 10:19PM ET
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when did all these so-called oil "investors" mention oil rigs count last time? What do they invest in actually? hurricanes? wars?
Joel Schwartz
Joel Schwartz Jan 14, 2022 6:09PM ET
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Maybe FED’s 3% inflation target was for oil prices every week.
Empire Destroyer
Empire Destroyer Jan 14, 2022 6:09PM ET
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Every day more like
Joel Schwartz
Joel Schwartz Jan 14, 2022 6:09PM ET
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Empire Destroyer For real. This is insanity. Premium is $5.29 where I live.
tim banks
tim banks Jan 14, 2022 6:09PM ET
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huh it's 3 .29 where I live
New Jazenevd
New Jazenevd Jan 14, 2022 6:07PM ET
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Betting against oil in high inflation scenario is outright ridiculous. Fortunately, some folks, posting articles on this site, get to understand it, finally. Oil bearish articles did enormous disservice last year to folks, trying to get investment clues from the articles.
Ying Yu
Ying Yu Jan 14, 2022 5:42PM ET
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The media pretend to be a medical professional to judge Omicron. It will never work. Omicron is not Mild. The death curve is delayed. But it is not mild
William Smith
William Smith Jan 14, 2022 5:40PM ET
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Way to go Br/an don. Tje left wing fascists at Reuters wont allow that B word now.
Barani Krishnan
Barani Krishnan Jan 14, 2022 5:40PM ET
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Nothing to do with Reuters. This is our original content at Investing and WE decide what gets past and what doesn't. If you need to know, some phrases are repeatedly used to spam our site, and thus our filters for those. I'm not referring specifically to any word, but just the problem that we have. Our administrators already have their hands full, enforcing guidelines on feedback, and the last thing they need are more spammers shoved down their throats. Thank you.
Kevin Avila
Kevin Avila Jan 14, 2022 5:07PM ET
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Inflation will be nonstop I guess…
Barani Krishnan
Barani Krishnan Jan 14, 2022 4:42PM ET
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Keep looking at the weekly EIA data. It's comical, what's going on here :)
Wilmer Bernardez
Wilmer Bernardez Jan 14, 2022 4:11PM ET
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💪🏽
Wilmer Bernardez
Wilmer Bernardez Jan 14, 2022 4:11PM ET
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💪🏽
Samuel Virgo
Samuel Virgo Jan 14, 2022 3:32PM ET
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💴💴💴💴💴🐍🐍🐍
Salvador Hernández Sánchez
Salvador Hernández Sánchez Jan 14, 2022 3:25PM ET
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New variant ready
jj mm
jj mm Jan 14, 2022 3:25PM ET
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100% agree
Oualid Benrahou
Oualid Benrahou Jan 14, 2022 3:24PM ET
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💵💵💵
 
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