Oil rises amid declining concern over the omicron

Oil quotes continue to rise. At 07:55 Moscow time a barrel of Brent crude was trading at $76 35, which is 0.71% higher than the previous trading day closing price. A barrel of WTI crude rose 0.93% to $73 2 cents. Investors’ fears about the negative impact of the new coronavirus strain spread on the global economy and oil demand decreased slightly. The researches showed some existing vaccines successfully cope with the omicron. The new coronavirus strain is relatively easily transmitted by humans, as known. Earlier it was reported about the omicron rapid spread in some countries, which raised concerns about the pace of the global economy recovery. Both oil benchmarks demonstrated positive price dynamics this week. Brent crude rose in price by about 9%. The cost of WTI crude oil rose by 10%.


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Arseny Kudrin

Publicist, trader

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