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Oil Prices Slip Ahead of Christmas Holidays

December 24, 2021 by Forex Winner Leave a Comment

Oil Prices Slip Ahead of Christmas Holidays

Source: Bloomberg

Oil prices declined amid the low liquidity into the holiday season, but market watchers are looking out for the impact of the Omicron variant moving forward.

  • London futures fell by 0.9% to hover around $76 a barrel on Friday. Only some 125,000 contracts were traded, lower than the usual volume of just below 1 million.
  • With the thin volumes, prices settled early at 1 p.m. London time.
  • Despite Friday’s drop, oil is still on track for an annual gain after a strong rebound following the COVID-19 pandemic, even as the rally has lost steam recently.
  • There are also emerging signs of tightening amid the disruptions recorded in Libya and Nigeria. Demand has been driven by the news regarding Omicron.
  • Analysts predict that reports that Omicron could be highly transmissible but less dangerous could be bullish for oil next year, driving the risk of spikes in 2022.

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