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Commodities

23 Dec 2021

Oil Prices Grew Higher Over Positive Developments on Omicron Impact

The Index Today

On Thursday, oil prices seen higher for a third consecutive session over positive developments around COVID-19, amid new travel curbs in China and reinstated restrictions to combat growing cases in Australia.

Reuters data showed that the U.S. West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.1%, to $72.86 a barrel at 0625 GMT after jumping 2.3% in the previous session. Brent crude futures also gained 8 cents, or 0.1%, to $75.37 a barrel, extending a 1.8% gain in the previous session.


The big gains on Wednesday were partly spurred by a larger-than-expected drawdown in U.S. crude stockpiles last week.

Jeffrey Halley, senior analyst at OANDA, said in a note, "Oil's direction is entirely reliant on omicron headlines, and as long as they stay more contagious but less virulent, oil's rally is likely to continue, with intra-day ranges exacerbated by thin liquidity."

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