Oil Prices Jump as Tight Supplies in Focus

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Oil Prices Jump as Tight Supplies in Focus

US benchmark oil prices are rising toward a fresh, 8-week-high, climbing as high as $79.67 a barrel overnight and recently trading 1.2% higher at $79.17. Prices closed lower the previous two sessions on worries over weakened demand as many businesses and factories reduce operations as workers call in sick after testing positive for Omicron. Today’s bullish turnaround, analysts say, is due to investors re-focusing on supplies that remain low. The EIA says US crude inventories are at a three-month-low. “Crude oil is higher with spot once again nearing the $80 level on demand vs. tight supplies factors,” says Spartan Capital’s Peter Cardillo.