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Demand for oil rose for most of 2021 as millions of newly vaccinated drivers hit the road, confident that “normal” was just around the corner.
Omicron, slowing demand, and the potential for discord in OPEC should help keep a lid on prices as we approach the late winter / early spring period of seasonal weakness for crude.
The EIA expects OPEC to hold fewer barrels off the market in 2022. This removes much of the fuel that powered the 2021 crude oil bull market.