PRESS ROOM
Sentiment driving oil prices higher
Friday 14th January '22
Both Brent and West Texas Intermediate (WTI) benchmarks have continued their positive momentum from December into January. It appears that oil markets are reacting positively to Fed Chair Powell’s statement that Omicron will not create a lasting dent on US economic recovery. Sentiment appears to be driving prices right now while fundamentals appear balanced as US production is set to increase in 2022 to match any expected increases in demand. The US Energy Information Administration (EIA) is expecting the global oil market to be oversupplied this year.