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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

By

Devika Krishna Kumar and

January 9, 2022, 12:05 AM UTC

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.