Saudi Press

Saudi Arabia and the world
Wednesday, Jul 09, 2025

Brent crude trims weekly gain in light trading amid omicron uncertainty

Brent crude trims weekly gain in light trading amid omicron uncertainty

Brent crude declined on Friday for the first time in four days but remained on track for a weekly advance in thin trading before the Christmas holiday.
Futures on the international oil benchmark declined 0.8 percent to $76.26 as of 2:10 p.m. Riyadh time, but were still about 4 percent higher in the week. US markets were closed on Friday for the holidays after WTI rose 1.4 percent on Thursday.

Oil prices rebounded this week as concern over the economic impact of omicron eased amid data suggesting it leads to fewer hospitalizations even though it is more transmissible.

“It’s a typical holiday market,” Chiyoki Chen, chief analyst at Sunward Trading, told Reuters.
“With concerns about the fallout from omicron fading, market focus shifted to the next move by OPEC+ at its January meeting.”

Chen said he believes the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, will probably raise oil production by 400,000 barrels per day (bpd) at its next meeting on Jan. 4 as long as oil prices stay above $70 a barrel.

Fears continue to linger about the effects of the omicron variant, which has spread at an unprecedented rate leading to lockdowns across Europe, including Italy and Greece.

However, both Pfizer and Moderna have said their vaccines provide protection against omicron and treatments that reduce hospitalizations have been approved in the US and the UK.

Data on Thursday showing operating US oil and gas rigs rose to their highest levels since April 2020 last week added downward pressure to oil prices on the prospect for more US exports.

“Given the soaring natural gas prices in Europe and Asia, oil will likely keep a positive tone on expectations that some industries would switch fuel from high-priced gas to oil,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

Asian liquefied natural gas (LNG) prices jumped this week, despite tepid Asian demand, as cargoes continue to be diverted to the European gas market where prices have reached records.

Europe is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday.

Deputy Prime Minister Alexander Novak said European companies that invested in the project, which is awaiting German and EU regulatory approval, would be able to ask for additional gas on top of their long-term contracts via the route.

Several European politicians and experts have accused Russia of holding back gas supplies to Europe in an attempt to speed up the certification of Nord Stream 2.

Russia has denied this, while some key buyers of its gas have said they haven’t asked for additional supplies.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×