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Crude futures capped by Omicron fears

Oil prices are on the rise today after a fairly sharp decline yesterday afternoon. By the time of writing, Brent was up 0.73%, approaching $75/bbl, while WTI was up 0.80%, closing in on $72/bbl.

The oil market took a hit on Monday after the UK reported the first death with the Omicron coronavirus strain. However, an upbeat demand forecast for Q1 2022 in the December OPEC report (which was raised by 1.11 mbpd to 99.13 mbpd) propelled the market higher.

The Brent price is still trading in the range of $73-76.5/bbl. Today the price could rise to $75-75.5/bbl if the news flow is positive.

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