Oil Reaches Monthly High Despite Omicron Spread – 27 December, 2021

Oil prices were on the rise as investors weighed the rapid spread of omicron, looking for signs that it may be less severe than previous variants. West Texas Intermediate futures were 2.4% higher at closing, trading over $75 per barrel, while Brent for February settlement rose $2.46 to settle at $78.60 a barrel. Omicron infections have been on the rise in the U.S. as thousands of airlines cancelled flights stemming from airline-employee illnesses during the holidays, a reminder that Covid can still wreak havoc. Despite the omicron spread and airline cancellations, mobility numbers were strong over the holiday, with oil heading towards a yearly gain after a rebound from the pandemic.