Oil rises on optimism about the outlook for 2022

Oil prices rose above $78 a barrel today, amid a shortfall in crude oil supply and a strong US dollar, in addition to increasing optimistic expectations about a recovery in global demand for crude in 2022.

Brent crude futures rose $1.19, or 1.5%, to $78.97 a barrel, after rising earlier in the session to $79.05, and US West Texas Intermediate crude futures rose to $76.12 a barrel. And during 2021, Brent crude futures rose by 50% amid the global recovery from the coronavirus pandemic, Covid 19, and supply cuts from the Organization of Petroleum Exporting Countries, OPEC and its allies, and more gains are expected in 2022.