Oil falls, may trend higher in 2022

Oil is lower in the Asian session, with volatile price movements in the final sessions of the year likely attributable to Covid-19 concerns, says CMC Markets. However, CMC expects oil prices to rise in 2022 once lockdowns due to the Omicron variant of Covid-19 cease or become less frequent as the winter ends. Front-month Brent and WTI are both 0.8% lower, at $78.89/bbl and $76.34/bbl, respectively.