Oil prices rise amid weakening concerns over the omicron

Oil quotes are showing growth on Monday morning. By 7.45 Moscow time, a Brent Crude barrel rose to $76.15, or 1.34%. The price of a WTI oil barrel has risen by this time to $72,89 cents, or 1.28%. According to experts, the oil market growth is facilitated by the weakening of fears associated with a new coronavirus strain. With the proliferation of the omicron, the authorities are in no hurry to tighten restrictive measures. In this regard, we can expect a recovery in demand in the commodity markets, including the oil market. Nevertheless, uncertainty remains. The new coronavirus strain has already been identified in more than 60 countries. WHO has warned that existing vaccines may not be effective against the new strain. Investors are awaiting the publication of the OPEC+ report. It will assess the current market situation. The alliance will also present its demand dynamics forecast for the near future.

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Arseny Kudrin

Publicist, trader

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