But the bust ended last year when oil prices rose by more than 50% and oil stocks led higher markets to wider markets. When the Omicron variant emerged in November, the oil market was trapped in fear that another spell for trapped consumers was underway. Goldman predicts that by summer oil inventories in developed countries will be depleted to the lowest levels in 20 years. Investors look forward to a year of great success for companies that sell services and equipment to oil producers. Bigger rival Schlumberger NVSLB 2.60%Immediately behind, with an increase of 33%, some oil producers follow the top.

Source: Libya Today January 27, 2022 11:59 UTC