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Oil prices seesaw

Crude futures reverted to a downward correction today after yesterday’s powerful rally. By the time of writing, Brent was down 0.4% at $78.10, while WTI was off 0.5%, trading above $75.40.

Yesterday's rally was likely triggered by reports of a cold snap in the US and snowstorms in some states. That said, further gains are capped by reports of an increase in the number of people infected with the new Omicron strain and conflicting information regarding the nuclear talks between Iran and the US.

Today we think Brent could trade as low as $75/bbl. Price action could fluctuate in the range of $74.5-79/bbl until the New Year.

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