Oil Prices Jump Over 3% Ahead Of Inventory Data

Oil prices jumped more than 3% on Tuesday afternoon in the runup to the much-watched API crude oil inventory data report as doubts continue to be raised about OPEC’s ability to respond to an increase in demand. At 11:54 a.m. EST, WTI was trading up $3.04 (+3.89%) per barrel at $81.27. The Brent crude oil benchmark was trading up $2.76 (+3.41%) per barrel at $83.63 for the highest level this year. On Monday, the narrative was precisely the opposite, as Omicron fears cast doubt over the short-term oil demand effects, particularly with China,…