Renewed Risk Appetite Lifts Oil Prices – 10 January, 2022

Oil was on the rise after two days of drops pushed by the return of some risk appetite as the market awaited clues from the U.S. Federal Reserve on possible rate rises and as some oil producers struggle to ramp up output. U.S. West Texas Intermediate crude futures were up 0.4% or 30 cents to $73.53 per barrel, having fallen 0.8% the previous session. Brent crude futures were 26 cents or 0.3% higher at $81.13 per barrel, after dropping 1% the previous session. Oil price declines over the previous two sessions had been affected by worries about rising COVID-19 cases around the world and how they might affect fuel demand, however analysts pointed to OPEC+ not keeping up with demand and supporting prices.