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Crude Oil Price Forecast: Omicron Fuels Weakness in Energy Markets

December 20, 2021

Via: DailyFX
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It’s been a month since we last checked in on crude oil prices, when it was observed that “it appears that a potential double top may be forming.” Indeed, a double top played out over the ensuing weeks, but the setback was even deeper than anticipated: the unexpected arrival of the omicron variant of COVID-19 has provoked a global growth scare. Global oil demand is highly correlated with global GDP, and thus the return of lockdowns and restrictions on economic activity – particularly in Europe – are proving burdensome for energy prices.

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