Oil prices rise in spite of new coronavirus variants discovery
01 Feb 2021
Gulf Today Report
Oil prices jumped on Monday after a slow start, although the delay in coronavirus vaccine rollout and discovery of new variants have cast a shadow over the outlook for demand.
Brent crude futures were up 36 cents, or 0.7%, at $55.40 a barrel while US West Texas Intermediate (WTI) gained 24 cents, or 0.5%, to $52.44. Both benchmarks gained nearly 8% in January.
Vaccination drives in various countries and output cut by major producers have supported oil prices.
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Norway expects to award oil and gas exploration permits in frontier regions of the Arctic in the second quarter, Oil and Energy Minister Tina Bru told parliament on Thursday.
The government in November said it would offer drilling permits in nine offshore regions containing 136 blocks, mostly in the Arctic Barents Sea, as it seeks to pave the way for a major expansion of exploration.
The Arctic is changing faster than any environment on Earth. The old, established order is being swept away, leaving scientists to ask: What's coming in its place?
The Arctic is changing faster than any environment on Earth. The old, established order is being swept away, leaving scientists to ask: What's coming in its place?