The US Energy Department said on Thursday it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil and a unit of refiner Valero Energy Corp. Some investors are also optimistic that Omicron’s impact on the global economy and oil demand will be short-lived. Several banks have forecast oil prices to hit $100 a barrel later this year as demand is expected to outstrip supply. However, with oil prices above $80, there is growing political pressure for the White House to lobby OPEC+ to hit their production quotas, he said. “Biden may resort to another SPR release and while that won’t solve any problems, it could send WTI crude down to the $80 level,” Moya said.

Source: Libya Today January 14, 2022 11:37 UTC