3 Reasons Why Oil Prices Bounced Back This Week

After a sharp plunge that saw oil prices collapse below $70/bbl for the first time in months, the oil bulls appear to be back in control. Crude oil has climbed nearly 5% on Monday after Saudi Arabia hiked prices for buyers in the U.S. and Asia, a clear signal that the oil giant sees demand remaining strong despite the emergence of the COVID-19 omicron variant. WTI crude was quoted at $71.53/bbl on Tuesday intraday trading while Brent traded at $74.92/bbl, with both benchmarks coming off six straight weekly declines. Oil prices have also been rising…