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Crude Oil Prices Pull Back Off Two-Month Highs

After ending the previous session at a two-month closing high, the price of crude oil gave back some ground during trading on Thursday.

Crude for February delivery slid $0.52 or 0.6 percent to $82.12 a barrel after jumping $1.42 or 1.7 percent to $82.64 a barrel in the previous session.

The pullback by the price of crude oil may partly have reflected traders cashing on the recent strength, although selling pressure remained relatively subdued.

While the Omicron variant of the coronavirus continues to drive a surge in cases around the world, traders have remained optimistic about the outlook for energy demand.

Indications of tight near-term supply amid supply disruptions in some regions have also helped to support crude oil prices over the past few weeks.

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