The price of oil commodity is stable. It is after the government showed that the US crude and fuel inventories fell last week. However, the concerns that rising coronavirus cases could dampen that demand. 

The WTI in the United States was increased by 58 cents, or 0.76%. It means that the crude commodity was higher at $76.56 a barrel. Before, it was quite fluctuating in the market based on some updates. 

Oil earlier traded at its highest level in a month after the America's government data showed their inventories value. Crude inventories fell by 3.6 million barrels last week to 420 million barrels.

It was compared with the analysts' expectations for a 3.1 million barrel drop. It is known that the value can be triggered by some situations.

The Countries that Support the Price of Oil

Oil prices have been supported by some countries. Those are like the Ecuador, Libya and Nigeria. They are declaring force majeure this month as part of their production. That was especially due to maintenance issues and field closures. 

Meanwhile, Alexander Novak as the Russian Deputy Prime Minister informed that the OPEC+ producer group had rejected the calls. Those were from Washington to increase output.

Now, the Investors are awaiting for the OPEC+ meeting on Jan. 4. That meeting is done to decide a plan for making 400,000 barrel-per-day production increase in February. 

At its last meeting, OPEC+ stuck to its plan to increase production for January despite the Omicron variant spreading. Some parties thought that the amount may be changed. 

Before, the Prices Were Higher

Before that the price of that commodity is high because the rapid spread of the Omicron coronavirus variant. That was supported by a lack of supply and expectations that U.S. inventories fell last week.

Both of those contracts were sold at the highest level in a month. It was helped by the stronger equity which has happened in the United States of America lately. 

The Support also came from disruptions in high aggregate production in Ecuador, Libya and Nigeria. There are also some expectations of another big drop in U.S. crude inventories.

The Force Majeure Statement Made by the Producers

3 procedures made a statement about the force majeure this month. It is done as the part of their oil production due to maintenance issues and oil field closures. That is not the only updates to see. 

A preliminary Reuters poll showed on Monday that the U.S. crude inventories likely had fallen for a fifth straight week. Meanwhile, the gasoline inventories were seen largely unchanged last week.

Britain will not face the new COVID-19 restrictions before the end of 2021. The Health Secretary Sajid Javid said on Monday about that possibility.

The governments wait for more evidence. It is especially on whether the health service can cope with high infection rates. Then, the next solution will be made. 

It is hoped that the strategies like that are able to make their country faces the new COVID-19 variant better. If that is happened, most life aspects will become better for sure. 

Biden Promises to Solve the Lack Of COVID-19 Test 

Joe Biden as the president of the united States promises to handle the lack of COVID-19 test. It is known that the Omicron variant cases are getting higher and hamper the travel plans.

The Staff shortages caused by Omicron led to thousands of flight cancellations over the Christmas weekend in the United States. That makes the profit from that sector decreases. 

Elsewhere, Market participants are awaiting an OPEC+ meeting on Jan. 4. It is where the members decide to increase output by 400,000 barrels per day in February or make the other plans.