U.S. West Texas Intermediate crude oil futures are edging lower on Friday, putting the market in a position to post a slightly lower close for the week. Although the market put in a mixed performance throughout the week, a bearish consensus seems to be developing as surging cases of the Omicron coronavirus variant raised fears that new curbs may lead to demand destruction.
This week’s inside trade on the chart suggests investor indecision and impending volatility. The indecision is being fueled by mixed outlooks for supply/demand and the…Surge In Omicron Cases Spooks Oil Traders
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