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Oil rides into 2022 on bullish wave as demand fears fade

Bloomberg1/9/2022 10:4 PM GMT+08  • 5 min read
Oil rides into 2022 on bullish wave as demand fears fade
"We suspect that further strength lies ahead."
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Oil has started off 2022 with a bang.

A market that was supposed to suffer a ballooning surplus instead surpassed US$80 a barrel last week as global demand shrugs off the omicron variant, while a host of supply constraints hit producers from Canada to Russia.

With investment banks calling for higher prices, and options contracts invoking the prospect of crude spiraling above US$100, the commodity is threatening to intensify the inflationary pain felt by major consumers.

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