Oil prices increase moderately on rising demand

Global oil prices rose, albeit weakly, on January 17 morning due to increased global demand, according to trading data, Report informs citing Prime.

As of 8:50 a.m. (GMT+4), the price of March futures for Brent rose by 0.05% to $86.1 per barrel, March futures for WTI grew in price by 0.18% to $83.44 per barrel.

According to ANZ analysts quoted by the Wall Street Journal, global oil demand was higher than expected as the omicron strain of the coronavirus appears to be milder than others.

Strong global demand has helped ease concerns about China, where the anti-COVID strategy has led to increased restrictions, the experts added.