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Oil rally runs out of steam

The oil market has seen sluggish trading today, with prices sliding in the morning. By the time of writing, Brent was down 0.27% at $79.02/bbl, while WTI was off 0.26% at $76.35/bbl.

US crude inventories declined by 3.58 mln bbl over the past week, although analysts expected only a 3.14 mln bbl drawdown. The market has already priced in this news as traders are currently more concerned about Omicron-related developments.

We do not expect any major fluctuations in oil prices as the year winds down. Price action could reach $79.5/bbl by year-end 2021.

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