After a turbulent few weeks as oil prices first rocketed due to market tightness, before swiftly slumping on the emergence of the Omicron Covid-19 variant, key reports released this week pointed towards a period of relative stability emerging.
“As 2021 draws to a close, the oil market appears to stand on a better footing than it has for some time,” says the IEA, adding that the initial emergence of Omicron “sparked a steep sell-off in oil, but initial pessimism has now given way to a more measured response.” Opec meanwhile is optimistic that “the impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage Covid-19 and its related challenges.” (CONTINUED - 713 WORDS)
