Oil prices increased on December 13, helped by growing optimism that the Omicron coronavirus variant’s impact will be limited on global economic growth as well as fuel demand.
Brent futures gained 5’3 cents or 0.7% to $75.68 a barrel by 01:00 GMT. Brent futures advanced 1% on December 10.
U.S. West Texas Intermediate (WTI) added 69 cents or 1.0% to $72.36 a barrel. On December 10, WTI gained 1%.
They both posted gains of about 8% last week, their first weekly gain in seven. Brent and WTI recovered more than half the losses suffered since the Omicron outbreak on November 25.
On December 10, South African scientists commented on the Omicron variant. They see no sign that the new variant is causing more severe illness.
Several days ago, the U.S. Department of Energy said it will sell 18 million barrels of crude oil from its strategic petroleum reserve on December 17. Biden’s administration wants to reduce gasoline prices.
Oil giant Shell is moving to the U.K.
Shareholders of Royal Dutch Shell voted to approve plans for Shell to overhaul its legal and tax structure. Also, the company will change its address. It is moving to the U.K. from the Netherlands.
According to Shell, the company will be able to accelerate its energy transition plans, etc. More than 99% of shareholders backed the special resolution. As a reminder, the motion required the approval of at least 75% of the votes cast to pass.
Some people do not agree with Shell’s decision. Critics believe that one of the major reasons Shell decided to move to the U.K. is a Dutch court. It ruled in May that the company must reduce its carbon emissions by 45% by the end of 2030, compared with 2019 levels.
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