Oil prices traded higher on Monday as supply disruptions in Kazakhstan and Libya offset worries stemming from a continued rise in Covid-19 cases worldwide.
Benchmark Brent crude futures rose half a percent to $82.14 a barrel, while WTI crude futures were up half a percent at $79.32.
The upward momentum in oil prices remained intact after three straight weeks of gains on the back of fading Omicron concerns and a tightening global stock situation amid escalating unrest in Kazakhstan and outages in Libya.
Despite a steep rise in coronavirus positive cases around the world, investors are pinning hopes the Omicron variant of the coronavirus will not significantly impact global oil demand.
Business and enterprises deemed critical to the supply of daily goods have resumed normal operation from the weekend in Xi'an, capital city of Northwest China's Shaanxi Province, after the latest Covid-19 resurgence was largely brought under control.
India began administering the precautionary dose or the booster shot of coronavirus vaccine to health and frontline workers and immuno-compromised senior citizens, as new confirmed coronavirus infections rocketed to over 179,000 today, nearly an eightfold increase in a week.
Caseloads in the U.S. remain at critically high levels while vaccine skeptics and others angered by Covid curbs have protested in Brussels, Prague and other European cities.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.