Skip to content

Oil Rides Into 2022 on Bullish Wave as Demand Fears Fade

The oil market has started 2022 as it ended 2021: with a rally. With supplies curbed and demand fears fading, there are bullish signals for prices this year.

Home Heating Oil Deliveries As Market Surges
Photographer: Luke Sharrett/Bloomberg

Oil has started off 2022 with a bang. 

A market that was supposed to suffer a ballooning surplus instead surpassed $80 a barrel last week as global demand shrugs off the omicron variant, while a host of supply constraints hit producers from Canada to Russia.