Oil declined Thursday, falling back a day after settling at the highest price in two months. Prices fell despite continued weakness in the U.S. dollar, "signaling that the move higher in oil futures over the past month may have once again gotten too far ahead of the physical market reality," said Troy Vincent, senior market analyst at DTN. Hopes of "omicron burning through the population quickly has caused many to overlook the impact the current global wave of the virus is having on demand," he said. However, Wednesday's Energy Information Administration report "emphasized just how hard it is hitting gasoline demand despite the lack of new U.S. lockdowns." February West Texas Intermediate crude declined by 52 cents, or 0.6%, to settle at $82.12 a barrel on the New York Mercantile Exchange.
Jan. 13, 2022, 2:38 p.m. EST