Oil Prices Rise As Omicron Fears Fade

Oil markets are beginning to show signs of recovery following news that the demand impact of Omicron may not be as significant as originally thought. Friday, December 10, 2021 Oil markets at large heaved a sigh of relief upon hearing that the Omicron variant of COVID-19 might not be that much of a potent demand disruption factor as previously feared. With demand being largely stagnant and global crude inventories still well below the 5-year average, Brent trading slightly above $75 per barrel and WTI at $72 per barrel seem to have found a temporary…