Oil Prices Soared with Growing Investor Predilection for Risk Assets

Oil prices soared on Wednesday for the sixth successive session.

Brent oil futures persisted at $78.78 by 2:30 AM GMT while crude oil WTI futures rose by 0.03% to $76.00, spurred on by an upswing in equities.

Despite the rapid spread of the Omicron, investors have regained their penchant for risk assets which has helped to bolster the market performance of the same including oil and equities.

Oil’s recent hike in prices has been in part informed by the decelerated production of oil at three production companies owing to closures and maintenance requirements.

The recent Omicron-inspired understaffing coupled with the cancellation of thousands of flights over the holiday weekend have contributed to the current dips in the market.

However, in the midst of mounting risk asset preferences, investors anticipate the upcoming release of the U.S. crude oil supply data from the U.S. Energy Information Administration.