Oil rises in price

Global oil prices are recovering on November 16 morning after falling 1% a day earlier, according to trading data, reported from Prime agency.

As of 9:03 a.m. (GMT+4), January futures for Brent crude rose 0.82% to $82.72 per barrel, while January futures for WTI oil rose 0.66% to $80.28 per barrel.

On November 15, oil fell in price by about 1%, amid the forecast of the US Department of Energy. According to the forecast, oil production in the main oil and gas producing regions of the US in December will grow by 85,000 barrels per day, or 1% compared to November, to 8.316 million barrels.

In addition, investors were evaluating new restrictions due to COVID-19 in Europe.

Europe has again become the epicenter of the Covid-19 pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant.

"Crude oil fell as President Biden faced increasing pressures to tap US reserves to quell rising gasoline prices,” ANZ said in a note. "Sentiment was also hit by new restrictions on travel in Europe.”

www.anews.az