Crude Oil Rises After Omicron Concerns Ease Somewhat

Crude oil prices closed up $1.03 on Thursday (Dec. 23), driven by a drop in U.S. crude inventories last week, indicating continued strong U.S. oil demand.

  • WTI crude futures rose $1.03 to close at $73.79 a barrel.
  • Brent crude futures were up $1.56 to close at $76.85 a barrel.

According to the EIA, U.S. crude oil inventories fell by 4.7 million barrels in the week ended Dec. 1, well above expectations. This could indicate continued strong demand in the oil market.

However, gasoline inventory increased by 5.533M barrels against expectations. Experts had expected the inventory to shrink because of the upcoming holidays.

In addition, oil prices were also supported by positive news from some mainstream media channels.
According to ICL research, patients infected with the Omicron strain are 45% less likely to be hospitalized than those infected with the Delta strain.

The research results were obtained from data confirming results of PCR testing for COVID-19 in the United Kingdom from December 1-14.

The Spot Market is Open

Friday, December 24, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
09.25

73.76

+1.00

1.37%

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