Oil markets polarized as OPEC brushes off Omicron fears but investors stay wary

The omicron variant's impact is projected to be 'mild and short-lived,' OPEC's latest monthly report said.

While the 13 member group of oil-producing states has not let fears of the omicron variant change its projected timeline for a return to pre-pandemic oil demand, the market is still feeling the weight of bearish sentiment.

The U.K. raised its Covid alert level, while its Prime Minister Boris Johnson warned of a "tidal wave" of the more transmissible omicron cases.Oil market watchers are torn between dramatically different forecasts for crude prices, even after OPEC's upbeat forecast for crude demand in 2022. The omicron variant's impact is projected to be "mild and short-lived," OPEC's latest monthly report said, adding that the world is better equipped to manage the pandemic.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Omicron Will Slow Oil Demand Recovery but Not Destroy It, IEA SaysThe new variant’s emergence will allow the supply of oil to overtake the rate at which the world is consuming it, easing the supply tightness of recent months, the International Energy Agency said Tuesday.
Read more »

Omicron Covid variant to hit global demand for oil, IEA saysDemand for oil is set to be lower than expected next year, the IEA has said, as the world braces for a fresh surge in Covid-19 cases.
Read more »

Oil rises on optimism Omicron impact will be limited on fuel demandOil prices rose on Monday, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant's impact will be limited on global economic growth and fuel demand.
Read more »

Oil gains as investors see limited Omicron impact on demandOil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand.
Read more »

Oil prices move lower as traders monitor omicron spreadOil trades lower Monday, giving back a portion of last week's rebound, as worries over the spread of the omicron variant of the coronavirus that causes...
Read more »

Tre Latte Olive Oil CakeThis is a tres leches meets olive oil cake, lightened up with a chiffon base to help soak in all of the milk.
Read more »