Supply risk remains a key driver, all eyes on OPEC+ group's effective spare capacity.trades much higher early on Tuesday with West Texas Intermediate, WTI, up over 3.5%bbls at the time of writing after a rally from $78.39nnls that reached $81.56bbls. The rally comes despite the spread of the Covid-19 omicron variant and the return of supply from Libya.
As for Omricon, the World Health Organization has warned that 50% of Europeans could be infected with Covid-19 over the next two months. China has also increased lockdown measures to lower cases ahead of next month's Winter Olympics. In the US, cases have climbed to a record. However, markets are preferring to stick with the sentiment that the variant results in more mild cases.
Nonetheless, ''supply risk remains a key driver with the OPEC+ group's effective spare capacity effectively concentrated between just a few nations, as operational risks mount following a decade of underinvestment,'' analysts at TD Securities argued.
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