Oil price recovered by 4%

On Monday, December 20, by the end of the day, Brent crude oil fell 1.32% to $ 72.07. Trading in Asia opened with a sharp decline in oil. The price fell 5% to 69.26. Growing cases of infection with the Omicron variant of the coronavirus in Europe and the United States have raised concerns among investors that new quarantine restrictions to combat its spread will hit energy demand.

Before the close of the day, the price recovered 4% to $ 72.07. A rebound was observed in major currency pairs, as well as in US stock indices. It looks more like a technical rebound here, since no news came out at that time.

On Tuesday, December 21, a barrel of Brent is worth $ 72 at trading in Asia. The price returned to resistance. The positive mood at all sites strengthened the buyers' positions. We shouldn't expect a rally in oil until the positive news about Omicron is drunk. As part of the correction, we expect the price to recover to $ 73.85.