On Tuesday (January 11), Brent oil prices rose to $82 and WTI oil prices were $79

Oil prices rose to around
$82 per barrel on Tuesday (Jan.
11), supported by tight supply and hoping that the increasing coronavirus cases and the spread of the Omicron variant would not disrupt the recovery of global demand, OE reported on January 11.

OPEC has increased oil supplies less than allowed by its agreements with allies due to insufficient capacity in some countries
.
Despite the surge in coronavirus cases, major economies have also avoided a return to severe
lockdowns.

At 11:34 GMT, Brent crude rose $1.
14, or 1.
4 percent, to $82.
01 a barrel, after falling 1 percent
in the previous session.
U.
S.
West Texas Intermediate (WTI) rose $1.
16, or 1.
5 percent, to $79.
39, after falling 0.
8 percent
on Monday.

Jeffrey Halley, an analyst at brokerage OANDA, said Omicron has not yet wreaked havoc on the Delta variant and may never be, which will allow the global economy to continue to recover
.

Brent crude prices rose 50 percent in 2021 and will rise further in 2022 as investors expect demand to rise while OPEC and its ally, known as OPEC+, will slowly ease the record 2020 production
cuts.

A weaker dollar also helped support oil prices, which are lower for investors holding other currencies and often reflect rising
risk appetite.

The latest report on U.
S.
inventories is expected to show a decline in U.
S.
crude inventories by about 2 million barrels, which will further signal tight
supply.

The American Petroleum Institute's (API) first supply report of the week will be released
at 21:30 GMT.