The oil market shows no signs of cooling

According to today's oil price website on January 18 According to Bloomberg's latest trading insights, the crude oil market has been in a hot state recently, showing no signs of
cooling.

Traders seem to be largely ignoring any adverse effects Omicron may have on crude oil demand, and for good reason: demand in the spot market remains strong
.

The report cited the latest price movements of two Russian Sokol and ESPO benchmarks, the latter particularly favored by Asian refiners, and rising premiums for Dubai crude contracts
.

In addition to strong real demand, oil prices have recently benefited from other factors, the most recent being heightened
tensions in the Middle East following the Houthi attack on the UAE.

CMC Markets analyst Ash Glover told Reuters: "Analysts expect demand to outpace supply this year as the world opens up from a two-year lockdown, with demand outstripping supply
this year.
" ”

Helima Croft, global head of commodity strategy at RBC Capital Markets, told the Financial Times: "The oil market is in a dangerous period
right now.
We are waiting for the United States in the oil red zone, and the United States is definitely preparing to demand more oil
from OPEC.
”

Brent crude prices have risen more than 10 percent since the beginning of the year, with oil prices approaching $
88 a barrel at the time of writing.
U.
S.
benchmark West Texas Intermediate crude has also risen steadily in recent weeks, up 12%
since early 2022.