The rebound comes in as the market understand that the Omicron variant will have a less damaging economic impact. So all the angst around it seems to be really easing off. And then there were statements from the Iraq oil minister saying that the crude oil prices will rebound above $75 per barrel.

Also Read: Saudi Arabia raises January Arab Lt crude price to Asia to near 2-year high

There has been a statement coming in from the World Petroleum Congress about climate changes and energy transition that there is going to be a need for more oil for a decade to come and that leads to a lot of buying coming at crude oil prices.

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First Published:Dec 7, 2021 8:38 AM IST