Oil prices rise and market supply tightens

Oil prices rose
as geopolitical tensions in the Middle East intensified and market concerns about the impact of the Omicron virus on demand eased, Bloomberg reported on January 18.

Explosions and fires on the outskirts of Abu Dhabi, the capital of the United Arab Emirates, OPEC's third-largest oil producer, killed three people
.
New York futures rose 0.
5 percent from Friday's close to above $84 a barrel
.
Due to the Martin Luther King Jr.
Day holiday, no settlement
was made on Monday.

Crude oil got off to a hot start this year as demand tightened the market as demand was stronger than expected
.
From diesel to jet fuel, the entire petroleum industry is showing strong momentum
in all areas.
As global air travel weathered the impact of Omicron, European jet fuel prices are soaring
.

On Monday (January 17), a fire broke out at the main international airport in Abu Dhabi, the capital of the United Arab Emirates, and fuel tanker trucks in a nearby industrial area caught fire, in one of the
largest attacks to date in the UAE mainland.