The Biggest Threats To Oil Have Already Been Priced In

Oil prices have continued on to recover from last month’s steep dive amid easing concerns over the Omicron variant. Both major benchmarks are on course for their biggest weekly gains in over three months, with market sentiment less gloomy about the effect of Covid-19 on global growth and fuel demand. The latest reports from medical authorities and countries facing the variant suggest it is largely mild and can be mitigated with booster shots of the vaccine. Prices fell sharply in late November when the new variant first emerged – with…