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Oil Prices Rally as Fears Over Omicron Diminish

With the close of 2021, the price of oil is rallying. Patrick DeHaan with notes that West Texas Crude was trading up roughly $2 per barrel in recent action. He says that’s $14 per barrel higher than the start of December, when Omicron fears started to impact investors.

But he says many of those fears and concerns investors had to start the month has disappeared. “We continue to see things easing up, more studies indicate Omicron is less severe than the Delta strain, and so I think markets are closing out the year in rally mode, and we are likely to see gas prices start to inch up in the weeks ahead, as well as diesel, with oil prices leading the way.”

DeHaan says that unless another more deadly variant is discovered, he expects oil prices to continue this rally into January and, perhaps, February.

“Globally, we continue to recover. We continue to move beyond, or we continue to see the start of the pandemic moving back in our review [mirror], meaning that we have more experience under our belts. So, I do expect that 2022 will again feature relatively high prices as we continue to see an imbalance between very strong demand and weaker supply.”

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