ISLAMABAD: Crude oil prices rose for the third straight week up to 8.85 percent after 2.15 percent and 4.13 percent increases in the preceding weeks, reaching a two-month high. The lowest closing for the week, $75.90, remained on Monday while the highest closing for the week was on Thursday at $79.46. The oil demand remained steady despite a high number of Covid-19 infections and amid tight supply due to operational disruptions in some oil-producing countries. The Opec+ expects crude demand to average 99.13 million bpd in the first quarter of 2022, up 1.11 million bpd from its forecast in November. World oil demand growth remained unchanged at 4.2 million bpd for the full year and total global consumption stood at 100.6 million bpd.

Source: Libya Today January 09, 2022 15:56 UTC