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Oil rally hits Omicron demand roadblock as glut worries rise- Reuters poll

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Reuters UK

By Ashitha Shivaprasad (Reuters) – Oil analysts have lowered their price forecasts for 2022 as the Omicron coronavirus variant poses headwinds to recovering fuel demand and risks a supply glut as producers pump more oil, a Reuters poll showed on Friday. A survey of 35 economists and analysts forecast Brent crude would average $73.57 a barrel in 2022, about 2% lower than $75.33 consensus in November. It is the first reduction in the 2022 price forecast since the August poll. U.S. crude is projected to average $71.38 per barrel in 2022, versus the previous month’s $73.31 consensus. [O/R] “With o…

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