Crude oil rises further waning Omicron’s fear

December 31, 2021 02:38 PM AEDT | By Arpit Verma

Crude oil rises further waning Omicron’s fear — Image source: © Zakirovalexey7 | Megapixl.com

Oil’s significant journey

Crude oil prices made a significant rebound ranging from 50-60% in 2021 as fuel demand roared back to pre-pandemic levels and deep production cuts by OPEC and its allies.

Crude inventories in the US tumbled by 3.6 million barrels, US gasoline stocks dropped by 1.5 million barrels and distillate stockpiles fell by 1.7 million barrels in the last week.

Source: © Gumpapa | Megapixl.com

Oil market participants are waiting for the OPEC+ meeting scheduled on 4 January 2022, at which the cartel will decide whether to go ahead with the planned production increase of 400,000 barrels per day in February.

Bottom Line

Crude oil prices rose further ahead of the OPEC+ meeting scheduled on 4 January. Oil has witnessed a significant journey in 2021 with prices hovering between 50-60% in the subsequent year.

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