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Brent closes in on 3-year highs

The oil market has been swinging between positive and negative territory on Monday morning after a powerful rally on Friday, when benchmark oil prices surged over 3%. By the time of writing, Brent was up 0.2% today to $86.08/bbl, while WTI was up 0.31%, trading at $84.08/bbl.

Concerns about the impact of the Omicron strain on the oil market have all but faded amid WHO statements that the current wave of the pandemic is likely to be the last wave entailing restrictions, while oil demand continues to creep upward. Today's swings may be driven by news about Friday’s continued uptick in the number of active US oil rigs.

After having risen above $85/bbl, Brent may continue to climb on the back of positive news. In the near future, we believe this benchmark brand could retrace to a three-year high of $87/bbl.

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