Oil Swings After Tightening Market Spurs Robust New Year Rally - Bloomberg

Oil Swings After Tightening Market Spurs Robust New Year Rally - Bloomberg

PRICES

WTI for February delivery fell 0.3% to $82.42 a barrel on the New York Mercantile Exchange at 6:19 a.m. in London. Brent for March settlement eased 0.3% to $84.45 a barrel on the ICE Futures Europe exchange. Oil fluctuated as traders weighed the impact of the omicron wave on Asian demand, which blunted a new year rally powered by lower U.S. stockpiles, positive commentary from energy agencies, and supply glitches. West Texas Intermediate was 0.3% lower after closing Wednesday at the highest level since Nov. 9 on Wednesday. Still, since 2022 began, WTI has surged almost 10%, joining other commodities in a strong start to the year.