Oil prices rose slightly on Friday and posted their biggest weekly rise since late August, with the market buoyant on the slightest concern over the impact of the Omicron variant of the coronavirus in global economic growth and fuel demand.
The references Brent, European, and West Texas Intermediate (WTI) of the United States gained about 8% this week, its first weekly gain in seven, despite a brief moment of profit-taking.
Brent futures rose 73 cents or 0.98% to $ 75.15 a barrel, after falling 1.9% on Thursday. WTI advanced 73 cents, or 1.03%, to $ 71.67, after falling 2% the day before.
“Oil traders are coming out of shock and feeling more bullish as they recalibrate their demand expectations following the Omicron variant of the coronavirus,” said Phil Flynn, principal analyst at Price Futures Group.
Consumer prices in the United States continued to rise in November and posted the biggest year-on-year rise since 1982, according to government data, contributing to the bullish mood in the oil market.
Earlier in the week, the oil market had recovered about half of the losses suffered since the known omicron outbreak on November 25, from the first studies suggesting that three doses of Pfizer’s COVID-19 vaccine offer protection. .
“The oil market has again rightly ruled out the ‘worst case scenario’, but it would do well to maintain some residual risk to oil demand,” said Carsten Fritsch, an analyst at Commerzbank.
Reference-www.eleconomista.com.mx