Crude oil trading at a one month high; prices gained by 2 percent overnight and it is back around USD 76 per bbl and almost USD 79 per barrel for the Brent prices.
The last couple of weeks have seen money managers increase long positions in futures and options (F&O). There have been on and off spikes and COVID-19 headlines which seem to be tempering mood as well.
However, the mood for 2022, the first quarter, seems to be really improving. Markets seem to be shrugging off the restrictions from Omicron and good buying is seen in crude.
The US dollar decline seems to be supporting commodities and Asian markets.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.