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Tentative Hope Re: The Threat Posed By Omicron Supports Crude In Asia

OIL

WTI and Brent crude futures have added ~$1.50 to their respective settlement levels, with tentative optimism re: the ultimate risks posed by the omicron COVID variant supporting oil prices since the re-open, which has allowed some fears on the demand front to recede.

  • In idiosyncratic news, the weekend saw Saudi Aramco issued wider differentials when it comes to crude pricing for the U.S. & Asia during the month of January, even with Omicron uncertainty lingering and OPEC+ choosing to plough ahead with its previously outlined production hike in January.
  • Elsewhere, the verbal jousting between the U.S. & Iran seems to have intensified a little over the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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