WTI surges as KSA increases oil prices

WTI has recovered some of last week’s losses and reclaimed $67.50 amid a positive market mood. Saudi Arabia increased the crude-oil barrel to a median of $0.50 to different customers, and oil rose on the news.

As the New York session begins, the US crude oil benchmark, Western Texas Intermediate, also known as WTI, advances some 2.55%, is trading at $67.86 at the time of writing. A risk-on market mood turned investors toward riskier assets due to some factors. Reports of the omicron variant show that although it is highly transmissible, cases have been relatively mild.

Additionally, Saudi Arabia adjusted its oil crude prices, signaling confidence in the demand outlook, despite the spread of the new coronavirus variant. Saudi Aramco increased its prices by $0.60 for customers in Asia, while in the US, the range is between $0.40-$0.60.