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Decline in oil prices slows

Yesterday's pullback in the oil market, which slowed by the evening session, continues today, albeit at a slower pace. By the time of writing, Brent was off 0.13%, trading above $71/bbl, while WTI was up 0.25%, approaching $69/bbl.

Fear of the Omicron strain continues to haunt the market, putting downward pressure on prices. However, the drop has stalled slightly due to reports that oil production in Libya was temporarily suspended at several large fields, including the country's largest Sharara field.

Brent is still hovering in a narrow range of $70-72/bbl, and it could remain in this range for several more days. Today we expect the Brent price to reach $72/bbl.


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