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Supply Fears Trump Omicron Demand Erosion

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Omicron demand fears took a back seat as supply fears drove an $8 per barrel run-up in oil prices over the Christmas and New Year holidays. Traders so far appear unfazed by the rapidly spreading Omicron strain of the Covid-19 pandemic, despite widespread flight cancellations and airline capacity reductions hitting jet fuel demand. They are instead laser-focused on whether producers will be able to keep up with growing global demand.

Topics:
Jet Fuel, Crude Oil, Oil Spot Markets, Oil Prices, Oil Trade
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