The US Brent and West Texas Intermediate (WTI) benchmark indices have advanced about 8% this week, their first weekly gain in seven, despite a brief moment of profit taking.
Brent futures rose 73 cents, or 0.98%, to $ 75.15 a barrel, after falling 1.9% on Thursday. The WTI advanced 73 cents, or 1.03%, to $ 71.67, after falling 2% the day before.
“Oil traders are coming out of their state of shock and feeling more bullish as they recalibrate their demand expectations after the omicron variant of the coronavirus,” dijo Phil Flynn, analista principal de Price Futures Group.
Consumer prices in the United States continued to rise in November and posted the biggest year-on-year rise since 1982, according to government data, contributing to the bullish mood in the oil market.
At the beginning of the week, the oil market had recovered about half of the losses suffered since the Omicron outbreak known on November 25, for early studies suggesting that three doses of Pfizer’s Covid-19 vaccine offer protection.
“The oil market has again, rightly, ruled out the ‘worst case scenario’, but it would do well to maintain some residual risk to oil demand”, afirmó Carsten Fritsch, analista de Commerzbank.
Source From: Ambito
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