Oil prices rallied for a third straight day in the last session before the Christmas break, rising on a week as worries about the impact of the Omicron mutation on fuel demand eased.
News of the effectiveness of the new mutation boosters as well as studies showing that the Omicron strain does not cause as much disease as the Delta mutant, although it is more easily transmitted, have helped support the oil, analysts say.
In particular, research from Imperial College London found that patients at Covid-19 Omicron variant were 40-45% less likely to need hospital treatment than those infected with Delta.
Another study from South Africa also found that people diagnosed with Omicron between October 1 and November 3 were 80% less likely to be treated than any other strain.
The news that Merck and Pfizer antiviral pills against covid-19 have given the green light for emergency use in the US and the announcement by AstraZeneca that the booster dose of its vaccine significantly boosts antibody levels also gave impetus to investment psychology. against Omicron.
“Crude prices have stabilized following a flurry of positive news about vaccines and treatments in the battle against Omicron,” Oanda analyst Edward Moya said in a statement.
“It seems that all major catalysts for oil are on the rise as we enter 2022,” he said. “This week, disruptions in oil supply from Libya and Nigeria as well as a bullish EIA report have led the WTI to trade comfortably above $ 70. The US is again an exporting power, diesel demand has revived and inventories are shrinking.” , he said.
In this climate, the West Texas Intermediate February delivery added $ 1.03 or 1.4% to settle at $ 73.79 a barrel, extending yesterday’s gains (+ 2.3%) to a month high. This week the WTI gained 4.3%.
The. Moved at a corresponding pace Brent oil February delivery was up 2.07%, or $ 1.56, at $ 76.85 a barrel, its highest level since November 25.
Since the beginning of the year, the WTI has recorded a rally of 50% and Brent has won about 46%.
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