Oil up more than 1% across the board amid Omicron headlines

Yahoo Finance's Ines Ferre joins the Live show to look at the gains being seen in the crude oil market as industries reassess Omicron's effects going forward.

影片文字轉錄稿

- We want to get some more details on this rally with Yahoo Finance's Ines Ferre. Ines, what are you seeing in the oil patch today?

INES FERRE: Well, Jared, a third straight day of gains for West Texas Intermediate February futures. You can take a look, up more than 1%. Brent Crude, also, up more than 1.5%, so we had some positive headlines this week about Omicron, Pfizer, and Merck. Those antiviral pills were cleared by the FDA.

A study this week also from the UK that Omicron has less of a risk of hospitalization compared to the Delta variant, and also, yesterday, we saw gains when it came to crude. This is after declining stockpiles last week in the US, where crude stocks fell by 4.7 million barrels. That's according to EIA weekly data.

And looking at the supply side going forward, well, in January, on January 4, OPEC plus will be having its meeting, and OPEC plus has said that it's going to continue with its hike of 400,000 barrels a day production increase. That's unless market conditions change, and in which case, they left the door open to reverse course. But nonetheless, we're watching Brent up 50% year to date, WTI now up 54% year to date.