Oil starts new year on positive note, pandemic worries curb gains

Oil starts new year on positive note, pandemic worries curb gains
# 03 January 2022 07:47 (UTC +04:00)

Oil prices rose on Monday as the market kicked off 2022 on a positive note, although concerns over demand waning due to rapidly spreading COVID-19 pandemic limited gains, APA reports quoting Reuters.

Brent crude added 67 cents, or 0.86%, to $78.45 a barrel, as of 0102 GMT. U.S. West Texas Intermediate crude futures gained 77 cents, or 1.02%, to $75.98 a barrel.

Last year, oil prices rose around 50%, spurred by the global economic recovery from the COVID-19 pandemic slump and producer restraint, even as infections reached record highs worldwide.

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