Tuesday’s rally in oil came ahead of a weekly snapshot on U.S. “Ultimately it comes down to the headlines though and if symptoms prove to be less severe, meaning fewer hospitalizations and fatalities than feared, there's no reason oil prices can head back towards the levels seen for much of November.” “We're already seeing a bit in WTI around $71.50 but could see more on approach to $75, while in Brent $76.50-77.50 is key,” he said. Last week, it fell to $65.80, from a 2014 high of $86.70 in mid-October.Įrlam said oil longs could run further with the rally before some real profit-taking sets in. Brent gained 4.6% in the previous session. London-traded Brent crude, the global benchmark for oil, finished the session up $2.36, or 3.2%, at $75.44. WTI hit a four-month low of $62.48 last week on fears related to the Omicron, after a seven-year high of $85.41 in mid October. WTI, or the West Texas Intermediate benchmark for U.S.
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