Mixed Demand Yo-Yo’s Oil Prices – 12 January, 2022

Oil trimmed big gains from the previous session over demand uncertainty due to the rapid spread of the Omicron variant around the world. Brent crude futures were 6 cents or 0.1% lower to $84.61 per barrel after gaining 1.3% the previous session. U.S. West Texas Intermediate crude futures fell 7 cents or 0.1% to $82.57 per barrel, having climbed 1.7% the previous session. Data from the U.S. Energy Information Administration this week showed a drop in fuel demand likely caused by Omicron, while gasoline stockpiles increased by 8 million barrels in the first week of January, compared with analyst expectations for 2.4 million-barrel rise.