S&P 500 aims for closing record as global stocks shake off deluge of COVID-linked flight cancellations
December 27, 2021Wall Street takes a break and ends scattered
December 29, 2021An 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.