The omicron variant's impact is projected to be 'mild and short-lived,' OPEC's latest monthly report said.
While the 13 member group of oil-producing states has not let fears of the omicron variant change its projected timeline for a return to pre-pandemic oil demand, the market is still feeling the weight of bearish sentiment.
The U.K. raised its Covid alert level, while its Prime Minister Boris Johnson warned of a "tidal wave" of the more transmissible omicron cases.Oil market watchers are torn between dramatically different forecasts for crude prices, even after OPEC's upbeat forecast for crude demand in 2022. The omicron variant's impact is projected to be "mild and short-lived," OPEC's latest monthly report said, adding that the world is better equipped to manage the pandemic.
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