WTI Steadies Above USD 76

WTI’s US crude oil benchmark rises in the New York session by some 0.62%. The US crude oil benchmark, advances during the New York session, trading at USD 76.39.

Oil investors reacted positively to Omicron-related worries, pushing WTI prices from USD 68.50 up to USD 77.20 in the last eight days, a gain of almost 12.7%, piercing on its way north.

The US Energy and Information Administration reported that oil inventories fell in the last week. Oil stockpiles fell by 3.6 million barrels, from 3.1 million estimated by analysts. However, US crude oil production increased to its highest level since May 2020, up to 11.8 million barrels, the highest in 19 months.