Oil Prices Extend Relief Rally With Omicron Concerns Subsiding
- Mobility statistics show little sign of significant demand hit
- Citigroup said it’s bullish on crude prices in the short term
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Oil continued to climb on optimism that the omicron virus variant may not be as severe as feared, easing concern over the demand outlook.
West Texas Intermediate rose as much as 5.1% on Tuesday, before ending the day at around $72 a barrel. Crude’s advance mirrored a similar relief rally in equities, with the S&P 500 jumping 2.2% to the highest level since late November. Initial data show the surge in omicron cases hasn’t overwhelmed hospitals so far, and there’s little evidence of a significant hit to global oil consumption.