Crude oil rises despite rising Omicron concerns

December 29, 2021 02:21 PM AEDT | By Arpit Verma

Crude oil rises despite rising Omicron concerns — Image source: © Tebnad | Megapixl.com

Omicron fear amid Christmas dimming demand

The US oil inventories are expected to drop for the fifth week in a row, while gasoline inventories were seen mostly unchanged in the last week.

England on the other hand decided not to face any COVID-19 restrictions this year, as the government awaits more evidence if the health services are able to cope with high infection rates.

Rising COVID-19 cases

Source: © Michalsuszycki | Megapixl.com

Omicron-induced staff shortages led to various flight cancellations amid Christmas week in the US.

Oil watchers are eagerly waiting for the meeting of OPEC and its allies, scheduled on 4 January where the cartel will decide whether to go ahead with the planned production increase of 400,000 bpd in February.

During the last meeting, the group decided to boost its output for January despite rising cases of Omicron variant of coronavirus.

Bottom Line

Crude oil prices rose on Tuesday despite rising concerns of the Omicron variant of coronavirus. Both the contracts reached their highest level in the last one month, aided by strength in U.S. equities.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.