Omicron Doom And Gloom May Not Be Justified

They say once bitten, twice shy. Last year, global oil traders were left shell-shocked after oil prices sunk into negative territory for the first time in history, a scenario few could have imagined, let alone foretold. And their knee-jerk reaction to any breakout of new Covid-19 variants now appears to be: sell first, ask questions later. They did with Delta, and now they are doing it with Omicron. After six months of impressive gains, oil prices have suddenly shifted into reverse as a fresh wave of Covid-19 threatens to end the bull party prematurely.…