Oil prices rebounded in a low volume session this Thursday before Christmas Eve on signs that the effects of the Omicron variant could be less severe than feared and despite the fact that several countries imposed travel restrictions due to the increase in infections.
Crude futures Brent they were up 1.15 dollars, or 1.5%, to 76.45 dollars a barrel, after a 1.8% advance in Wednesday’s session.
The futures of West Texas Intermediate in the United States (WTI) they advanced 87 cents, or 1.2%, to 73.63 dollars a barrel, after improving 2.3% in the previous session.
Wednesday’s big gains were due, in part, to a larger-than-expected reduction in US crude stocks last week.
The oil market has faltered in recent days due to the threat of a further fall in demand for fuel. The omicron variant is more transmissible than previous ones of the coronavirus, but early data suggests that it causes a milder level of illness.
“The damage to demand that everyone thought was going to happen is not going to happen,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
The bulls were also supported by the authorization in the United States of the antiviral pill against Pfizer’s Covid-19 for ages 12 and older, the first oral treatment and administration at home.
Reference-www.eleconomista.com.mx