After last week’s oil price crash, the oil market is now recovering on the back of growing bullish sentiment.
Omicron concerns are fading on the back of medical reports that show milder-than-anticipated symptoms, leading to demand fears subsiding at the start of this week.
That bullish outlook, according to Oilprice.com report, has been corroborated by Saudi Arabia’s aggressive pricing policy for Asia-bound cargoes for January 2022. With Iran nuclear talks showing no real progress, crude oil prices have settled comfortably into the mid-70s, with ICE Brent trading above $75 per barrel and WTI edging up to $72.5 per barrel as of Tuesday morning.
Also Chinese crude imports bounced back in November. According to data from China’s General Administration of Customs, crude imports averaged 10.17 million barrels per day (bpd) last month, up 14 per cent from October levels, as independents ramped up their purchases on the back of new import quota allowances issued in October.
