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Oil market opens 2022 on an optimistic note

The oil market today resumed the uptrend that got under way during the first trading week of the year. The Brent price is up 0.51% at $82.15/bbl, and WTI advanced 0.52% to $79.31/bbl.

Since the beginning of 2022, Brent and WTI have climbed over 4%. During this period, crude prices have been impacted by a number of bullish factors, including a decision by OPEC+ on January 4 not to revise its current output plan, waning Omicron fears, and riots in Kazakhstan that triggered a decline in oil production in that country.

Brent will most likely continue to move higher, with the next resistance level in the range of $82-82.4/bbl.

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