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8 Dec 2021

Oil Prices Abate as Investors Await Omicron’s Influence on Economy

The Index Today

The Index Today — Oil prices relaxed on Wednesday following a two-day period of profits, with investors preparing for final reports of Omicron’s total impact on world economy and fuel demand, as determined by the extent of vaccine efficiency.

At 0519 GMT, Brent crude futures dipped 19 cents, from 0.3%, to $75.25 per barrel. This comes after they edged 3.2% higher on Tuesday. The U.S. West Texas Intermediate crude has decreased by 0.3%, being priced at $71.82 a barrel, after gaining 3.7% in previously.

With increasing optimism surrounding Omicron’s minimal impact on the economy, oil prices have recovered after suffering a drop last week. Speaking on the matter, Satoru Yoshida of Rakuten Securities said, "The recovery run took a break as investors tried to confirm full impact of the Omicron variant before buying further."

Despite positive news from pharmaceuticals and vaccine manufacturers, investors remain cautious as they wait for more conclusive reports of Omicron’s overall economic impact. Hiroyuki Kikukawa, Nissan Securities’ General Manager of Research said, "The recovery run took a break as investors tried to confirm full impact of the Omicron variant before buying further." He additionally contended that market performance can also be affected by the tense relations between Russia and Ukraine, as well as Iran’s nuclear talks.

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