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Oil market sees bullish signals

Crude futures were back in rally mode on Monday, December 6, with Brent breaking out of several local resistance levels, up 5.12% on the day to $73.44/bbl, and WTI spiked 5.4% to $69.79/bbl.

The WHO claims that the new Omicron coronavirus strain is milder but more transmissible, while scientific conjecture that Omicron is likely a "living vaccine" against Covid-19 has been embraced by commodity markets amid great hope and enthusiasm. The stalled talks between Iran and the US also send a bullish signal to the oil market.

This morning, oil prices have broken the previous alternating daily pattern of gains followed by losses as crude futures continue to trend resolutely higher. By the time of writing, Brent was up 2.33% at $74.74/bbl, and WTI was trading 2.43% higher at $71.24/bbl. Our Brent price forecast for today is in the range of $73.5-75.0/bbl.

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