OPEC raises its oil demand forecast

Futures contracts for WTI oil rose above USD 71,5 per barrel on Tuesday. Investors may pay attention to the optimistic oil demand forecast published by OPEC.

OPEC said on Monday that global oil demand will average 99,13mbbl / day (bpd) in the first quarter of 2022, an increase of 1,11mbpd compared to last month's forecast.

OPEC is not afraid of the omicron, but states are tightening restrictions

The organization also sticks to a schedule for a recovery to pre-pandemic oil levels, saying the new coronavirus variant will have a mild and short-term impact on the economy.

Britain and Norway, however, tightened the restrictions, and the British recorded the first death in their area from a new strain of the virus. In mainland China, the first case of the omicron was also reported in the city of Tianjin. Zhejiang's main manufacturing province is undergoing its first quarantine this year, and tens of thousands of residents in the quarantined and affected areas are suspending economic activities, reducing flights and canceling events.

Gold overshadowed by expectations for bank decisions

Gold prices remain at around $ 1785 per ounce. Lack of major volatility in this market may be related to expectations for central bank decisions this week, including at the key meeting of the Federal Reserve. The yellow metal may be supported by still high consumer prices. US inflation accelerated in November and had the highest growth rate since 1982, amounting to 6,8%. However, this reading strengthened expectations that the Federal Reserve will signal faster cuts in asset purchases and an earlier start of interest rate increases.

Other central banks that are due to review their monetary policy this week are European Central Bank, Bank of England i Bank of Japan. Reducing the incentives and higher interest rates raise the opportunity cost of unprofitable gold, potentially reducing its attractiveness.