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(WO) Oil climbed amid broader market gains on reports that early cases of the omicron Covid-19 variant have been fairly mild, easing concern about a possible blow to demand. West Texas Intermediate rose 4.9% to $69.49 on Monday, a one-week high. Initial data on omicron from South Africa -- the epicenter of the outbreak --... Continue Reading →
(Reuters) - Oil prices climbed by nearly 5% on Monday on hopes the Omicron coronavirus variant would have a less damaging economic impact if its symptoms proved mostly mild and as some OPEC member countries signaled confidence in the market. Reports in South Africa said Omicron cases there had only shown mild symptoms and the... Continue Reading →
(Reuters) - Oil rose by more than $1 a barrel to above $71 on Monday as hopes that the Omicron coronavirus variant may cause mostly mild symptoms boosted riskier assets and as the prospect of an imminent rise in Iranian oil exports looked less likely. Helping ease Omicron concerns, reports in South Africa said cases... Continue Reading →
(Reuters) - Oil prices climbed on Friday after the producer group OPEC+ said it could review its production hike policy at short notice if oil demand collapsed due to a rising number of lockdowns, while Brent was on course for a sixth week of declines. Brent crude futures rose $1.91 cents, or 2.7%, to $71.58... Continue Reading →
(Reuters) - Oil prices are expected to overshoot $125 a barrel next year and $150 in 2023 due to capacity-led shortfalls in OPEC+ production, JP Morgan Global Equity Research said. "As the group's (OPEC+) real volume potential is discovered, this should drive a higher risk premium to oil prices," the bank said in a note... Continue Reading →
(Reuters) - OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves and fears over the new Omicron coronavirus variant. Brent oil prices tumbled to around $70 a barrel, down from October's three-year highs... Continue Reading →
(Reuters) - Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents, or 1.2%, to $66.96 a barrel... Continue Reading →
(Reuters) - Oil prices tumbled nearly 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries about oil demand. The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the... Continue Reading →
(Reuters) - Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand. The market appears to be pricing in the possibility that the new variant could prompt restrictions and... Continue Reading →
(Reuters) - Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone. While the World Health Organisation has warned that understanding the variant's severity could take time running into weeks, a South African doctor... Continue Reading →
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