27 Dec 2021
Oil Surges while Investors Gauge the Effects of the Omicron
The Index Today
Oil experienced a hike while investors seek to determine the economic effects of the Omicron as reports lay emphasis on its comparatively milder symptoms and level of severity.
Brent crude oil prices rose by 0.3% while the West Texas Intermediate experienced a decline following the absence of trade due to the Christmas Eve holiday on Friday.
Meanwhile, Japan’s strategic reserves intend to make a sale of 100,000 kiloliters of crude oil as Tokyo plans to join the global oil market as a prominent seller.
Crude’s rally has experienced an upswing during the pandemic, especially during the last two months with investors’ growing preference for risk assets.