Oil prices fell as the IEA stated that the global oil market has returned to a surplus as some countries tightened restrictions in an effort to get ahead of the omicron variant.

Oil prices traded down today, as Covid fears continue to weigh on markets. China is battling a new wave in a major manufacturing area.

Oil had its biggest weekly gain since August this week, the first in seven weeks as prices rebounded from the Omicron rout.

Oil prices settled lower today, as other risky markets tumbled with some chaos in Chinese markets. Two major Chinese developers officially defaulted on offshore bonds, a move that the market had largely anticipated.

U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to close at $72.05 per barrel, building on a 4.9% per cent gain the previous session.

U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to close at $72.05 per barrel, building on a 4.9% per cent gain the previous session.

Oil and financial markets rallied today, shaking off worries of the Omicron variant. “All the headlines are bullish today,”

Oil prices were mixed today, ending little changed after earlier gains were erased.

Oil ended the day higher today after another choppy session. Prices had initially traded down on news that OPEC+ intended to stick with its production increase of 400K/bpd in January.

Oil prices closed down for the day in a choppy session as crude production and product inventories rose more than expected.