Oil Prices Climbing for 5th Straight Session

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Oil Prices Climbing for 5th Straight Session

An end-of-year oil rally continues as WTI crude climbs 1.6% to $76.76 a barrel, putting it on course for a fifth consecutive daily price increase. “Oil prices are up over a full point with spot oil nearing $77, and could very well reach our short-term target of $80 as the ‘Fear Factor’ over demand subsides,” says Peter Cardillo at Spartan Capital. WTI crude fell sharply in late November due to Omicron fears, but the market has now almost fully reset to pre-Omicron prices, although it’s still $8 below a seven-year-high $84.65 reached Oct. 26. Oil markets now turn to weekly US inventory reports from API today and EIA tomorrow.