ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2024-10-03  |  UPDATED: 1403/06/01 - 19:53:2 FA | AR | PS | EN
Talibans new law bans womens voices and faces             Iranian police shut down two illegal centers affiliated with German government             All of President Pezeshkians ministerial picks win parliaments vote of confidence             Wheres Bangladesh Heading after Popular Uprising?            Western Kabul residents say Taliban has failed to ensure security after bombing             Algerian Boxer Khelif files complaint over online harassment after gender row             Federalism in Afghanistan: Opportunities and Challenges             Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             UK national scandal: 20,000 mental health patients raped, sexually assaulted in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedens NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza            


DATE PUBLISHED: 1400/10/11 - 20:01:5
VISIT: 782
SHARE WITH YOUR FRIENDS

Oil records biggest annual gains in 12 years


© Getty Images / chain45154

The growth was spurred by the post-Covid recovery of the global economy

Oil posted its biggest annual rise since 2009 as the rapid Covid-19 vaccine rollout across the world stimulated the reopening of economies, boosting consumption, while oil output remains limited after the pandemic slump.

US benchmark West Texas Intermediate (WTI) advanced 55% for the biggest year-to-date gain in over a decade, while global benchmark Brent crude saw an increase of 50%, the largest gain in half a decade.

Brent crude futures were down $1.75, or 2.2%, at $77.78 per barrel on the final day of 2021. WTI crude futures finished the year down $1.78, or 2.31%, to $75.21 per barrel.

Both contracts reached their 2021 peak in October, with Brent at $86.70 per barrel, the highest since 2018, and WTI at $85.41 per barrel, the highest since 2014.

"We’ve had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm," Australian brokerage firm CommSec’s chief economist, Craig James, said, as quoted by Reuters.

You can attribute that to the effects of stimulus supporting demand and restrictions on supply."

Global oil prices are projected to further increase, as jet fuel demand catches up with investors trying to gauge the outlook for energy consumption in 2022. At the same time, the latest Covid-19 variant is rapidly spreading, while OPEC is set to gather with allied producers on January 4 to discuss output policy.

"Crude oil had an excellent 2021, supported by ongoing decline of oil inventories benefiting from the demand recovery and oil supply lagging demand growth," Giovanni Staunovo, commodity analyst at UBS Group AG, told Bloomberg.

Staunovo added that heading into 2022, "the oil market remains dependent on oil from OPEC+." The group is expected to stick to the plan to add 400,000 barrels per day of supply in February during the upcoming meeting.

According to a Reuters poll of 35 economists and analysts, Brent crude will average $73.57 per barrel in 2022, about 2% lower than the $75.33 consensus in November.

 

LINK: https://www.ansarpress.com/english/25519


TAGS:






*
*

*



SEE ALSO

European support for Israel damaging energy security on the continent, report says


US needs to lift sanctions on Irans oil for JCPOA to resume: UN chief


Shipping giants suspend journeys through Red Sea as Saudis voice concern


WFP launches emergency program to assist 600,000 Palestinians


US bans trade with 42 Chinese firms


Sanctions made Russias economy stronger: Putin


Germanys economy headed for recession amid support for Ukraine


Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americas growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Sudan: The Forgotten War

Talibans new law bans womens voices and faces

Iranian police shut down two illegal centers affiliated with German government

All of President Pezeshkians ministerial picks win parliaments vote of confidence

Wheres Bangladesh Heading after Popular Uprising?

Western Kabul residents say Taliban has failed to ensure security after bombing

Algerian Boxer Khelif files complaint over online harassment after gender row

Federalism in Afghanistan: Opportunities and Challenges

Formation of the Federalist Assembly of Afghanistan

Israel launches missile attack on outskirts of Damascus, killing Syrian civilians

UK national scandal: 20,000 mental health patients raped, sexually assaulted in NHS care

Three US troops killed, dozens injured in drone attack in Syria

Trump says NATO will not come to rescue if US attacked

Ukraine beset by $40m fraud in arms procurement amid war with Russia

US approves sale of F-16 jets to Turkey after Ankara ratifies Swedens NATO membership

UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza

Taliban: Afghanistan Does Not Have Formal Border With Pakistan

Gazas major health facility collapses amid Israeli attacks: MSF

Americans to redeploy nuclear weapons in UK amid fears of WW3

Biden makes history: 1st sitting US president sued for complicity in genocide

Trump walks out of courtroom during closing arguments of Carrolls attorney

US: 3 dead in shooting at Texas apartment complex

US-UK aggression against Yemen risks expansion of war: Iran

Yemen directly hits US warship with ballistic missile

Hamas has self-reliantly opposed the three giant intelligence agencies of the world!

President Raeisi calls for UN reform, says body unable to end Gaza genocide

Pedram: The Abduction of Hazara and Tajik Women Recalls the Crimes of Abdur Rahman

Special envoys from G7 countries discuss Afghanistan in London meeting

Turkish lawmakers open debate over Swedens NATO membership

UN agency says over half a million Palestinians face catastrophic hunger in Gaza

Palestinian Islamic Jihad: Al-Maghazi operation proved defeat of Israeli regime in Gaza war

European support for Israel damaging energy security on the continent, report says

Pakistan Army Kills Seven Terrorists Near Afghan Border

Israel kills at least 190 people in Khan Younis in 24 hours

UNAMA report: 49 Hazara community members killed in Afghanistan in three months

Indias Modi inaugurates Hindu temple on site of razed mosque ahead of elections

US 2024 election: DeSantis drops out of Republican presidential race, backs Trump

Survivors of Russian charter flight crash transferred to Kabul

Irans anti-terror strikes clear message to certain recipients: Foreign Ministry

Ethnic mass killings in one Sudan city last year left up to 15,000 dead: UN report


MEDICAL NEWS


ANSAR PRESS  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. Ԑ یی