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Oil tops $83, as Omicron impact expected to be short lived

Oil tops $83, as Omicron impact expected to be short lived
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Oil approaches $82, with demand recovery seen on track

Oil rose to nearly $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery. A lack of capacity in some countries has meant that supply additions by the Organization of the Petroleum Exporting Countries (OPEC) are running below the allowed increase under a pact with its allies. "Omicron has yet to wreak the havoc of the Delta variant and may never do so, keeping the global recovery on track," said Jeffrey Halley, analyst at brokerage OANDA. ....

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