Oil Prices Nudge Higher at Start of 2022 Trading

US benchmark oil prices rise 0.3% to $75.43 a barrel on the new year’s first trading day and after a 14% rise in December and a 55% rise for all of 2021, the largest one-year gain since 2009. “Crude oil is higher ahead of this week’s supply OPEC+ meeting, and reports of lower Libyan output,” says Spartan Capital’s Peter Cardillo. “With regards to this week’s OPEC+ meeting, we see the group sticking to its gradual incremental plan that will likely keep prices within the higher end of the trading range.”