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Commodities

28 Dec 2021

Oil Edges Higher amid Shrinking Omicron Fears

The Index Today

Oil prices gained on Tuesday similar to yesterday’s monthly high amid decreasing worries over the Omicron’s potentially adverse impact on the economy.

Brent crude soared by 7 cents (0.1%) with each barrel priced at $78.67 at 0728 GMT, while West Texas Intermediate crude increased by 17 cents (0.2%) with a cost of $75.74 per barrel.

Abhishek Chauhan, the Head of Commodities at Swastika Investmart Ltd. contended, "Worries regarding Omicron are easing across the globe, resulting in some optimism over demand.”

Regardless, oil gains remain restricted in view of the cancellation of flights in the U.S. over the Christmas weekend on the account of rising Omicron cases.

The recurring regulatory supply and demand policies by the Organization of the Petroleum Exporting Countries and its associates (OPEC+), have contributed to the 50% hike that oil has experienced this year.

Ajay Kedia, Director of Kedia Commodities, said, "Volumes are thin because of holidays, and markets have already digested Omicron concerns. So, the focus is on the January 4 meeting of OPEC+."

©Photo: SeongJoon Cho/Bloomberg

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