Crude oil prices are steadily increasing U.S. oil prices

Crude oil prices are steadily increasing U.S. oil prices are worried that the epidemic of the coronavirus variant Omicron will delay the global recovery from the Covid 19 pandemic recession, thereby reducing oil demand. It fell last week.

Prices fell to a low of $ 69.33 at the end of Tuesday from the recent high of $ 73.18 / barrel on December 9, but on Wednesday despite the International Energy Agency's forecast of lower oil demand next year. It is more stable. It fails as previously expected. In the oil market report, the IEA has lowered its outlook for 100,000 barrels per day both this year and 2022. Global oil demand in the first quarter of next year surprisingly had little impact on prices.

US Crude Oil Price Chart, 1 Hour Frame (December 615, 2021)

Increased raw material costs Especially in the United States, concerns about oil demand are increasing as production increases. In addition, US oil inventories are only 815,000 barrels in the week to December 10, compared to a 2.6 million barrel decline predicted by news agency analysts, according to data released Tuesday by the American Petroleum Institute. It has decreased.

The relative stability of oil prices is even more surprising, so it shouldn't be surprising if it rises above $ 73.Retail data is also bullish Regarding the number of IG positions, according to the latest retailer data, 71.06% of traders are US crude net longs, and traders are 2.46 to 1 from long to short. However, the number of traders is 6.00% less than yesterday, 11.18% less than last week, and the number of net short traders is 1.85% higher than yesterday and 4.89% higher than last week.