Omicron's impact was limited, and WTI crude oil rose for seven consecutive years

WTI crude futures closed up 0.
6% on Thursday (Dec.
30), the seventh straight day of gains, the longest rally in
10 months.
Oil prices have been rising
over the past month since they first plunged at the end of November.
At the time, fears of a global economic lockdown triggered by the omicron variant shocked the market
.

Pavel Molchanov, an analyst at Raymond James & Associates, said: "This reflects the recognition that economic activity remains quite strong
despite the marked deterioration of the pandemic.
Consumer behavior and overall economic conditions are good, and ultimately this is the more important factor
for oil demand.
”

As the year draws to a close, crude oil prices are on track for their biggest annual increase in more than 10 years, and the market is largely unaffected
by the omicron virus variant for now.
The rollout of the coronavirus vaccine accelerated the reopening of the economy and boosted crude oil prices
.
In addition, soaring natural gas prices have spurred demand for petroleum derivatives, and OPEC+ continues to provide only a small increase to the market
.
Goldman Sachs expects oil prices to rise
further next year.

Jens Pedersen, senior analyst at Danske Bank in Denmark, said the market had little reaction to Omegalon, "signaling good demand at the beginning of 2022.
"
"This is further evidence that OPEC+ has made the right decision to stick to its plan
to further normalize production.
"

OPEC and its allies, including Russia, will meet next week to assess market conditions and revisit supply policies
heading into 2022.
This year, the group has gradually restored closed capacity, but believes a cautious approach
should be taken.
Consultancy JBC Energy estimated that OPEC members increased production by only 195,000 barrels per day in December, with Saudi Arabia leading the increase
.

A series of supply disruptions in Ecuador, Libya and Nigeria have triggered a recent rise in oil prices, although supplies from Nigeria's Forcados resumed
on Wednesday.
Data released by the U.
S.
Energy Information Administration (EIA) on Wednesday showed that U.
S.
crude inventories also fell
for the fifth straight week.