WTI Oil Climbs to Session-High $73

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WTI Oil Climbs to Session-High $73

A weekly EIA report that was definitely more bearish than bullish has been shrugged off by oil investors as they push crude prices higher for a third consecutive day. WTI’s front-month contract was recently trading up 1.3% at a session-high $73 a barrel, putting it in position to close at its highest in two weeks. “The market seems to be breaking out again and that means we can see $80 in a short time,” Spartan Capital’s Peter Cardillo tells WSJ. He adds that news from Pfizer that three doses of its vaccine could “neutralize” the omicron variant is also boosting sentiment and expectations for stronger oil demand.