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Brent holds above $84/bbl

ICE crude benchmarks closed higher on Wednesday, while the market reverted to a correction this morning. By the time of writing, Brent was down 0.06% at $84.62/bbl, and WTI was off 0.12% at $82.54/bbl.

On Wednesday evening, oil prices locked in gains after the weekly EIA petroleum status report came out. The headline crude number posted a drawdown of 4.5 mln bbl over the past week, although the market was expecting a decline of only 1.9 mln. Today a correction set in amid statements by the WHO that the global number of people infected with the Omicron strain surged to a new record high.

In line with our estimate, the Brent price will trade in the range of $83-84.5/bbl over the next few days. After a mild correction, price action could retrace to $84/bbl.

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