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Oil Holds Near Two-Month High on Tight Supply, Resilient Demand

  • Mobility data from Asia signal omicron tarnishing consumption
  • WTI rose above $82 a barrel after closing at a two-month high
Updated on

Oil steadied near a two-month high as demand withstands the omicron variant and supplies come under pressure, tightening global markets.

West Texas Intermediate closed above $82 a barrel after U.S. crude stockpiles dropped, adding to an increasingly tight supply picture caused by outages and constraints from Libya and Nigeria to Russia. Consumption has proved remarkably resilient as the new virus strain delivers only a limited setback, the International Energy Agency said.