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Crude Oil Prices Rebound To New Two-Month Highs

Following the pullback seen in the previous session, the price of crude oil showed a strong move back to the upside during trading on Friday.

Crude oil for February delivery surged $1.70 or 2 percent to $83.82 a barrel after falling $0.52 or 0.6 percent to $82.12 a barrel in the previous session.

For the week, the price of crude oil spiked by 4.1 percent, reaching its highest level in over two months.

The rebound by the price of crude oil came as traders remain optimistic about the outlook for energy demand despite worldwide surge in coronavirus cases as a result of the Omicron variant.

Indications of tight near-term supply amid supply disruptions in some regions also contributed to the notable increase in oil prices.

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