Oil Price Nears $83 Per Barrel

Global oil prices continued to gain ground above $80 per barrel on Friday, helped by a growing consensus that demand remained surprisingly resilient to the current Omicron-led wave of COVID-19 cases which spooked markets in late 2021.

Brent crude futures, which traded close to $83 per barrel earlier on Friday, had fully recovered from the end-of-November sell-off over initial omicron fears

S&P Global Platts reported that hospitalisation levels in many countries with high vaccination rates continued to lag well behind soaring infection rates, and the head of the World Health Organization said on Wednesday that the more infectious Omicron variant appeared to produce less severe disease than the globally dominant delta, adding however that it should not be categorised as “mild.”

Oil demand markers in most of the world’s biggest oil-consuming countries hit post-pandemic highs by late December, according to Google data, despite initial mobility curbs in many countries to slow the spread of omicron

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