Crude Prices Ease in Holiday Trade

Brent crude futures snapped a three-day rally on Friday in light holiday trading but the benchmark was still headed for a weekly gain, with the market focusing on next steps by OPEC+ and the impact of the Omicron variant.
Brent crude futures slid 41 cents, or 0.5%, to $76.44 a barrel, following a 2.1% gain in the previous session. It was still on track for a weekly gain of about 4%.
US markets are closed on Friday for the Christmas holiday, Reuters reported.
Oil prices have recovered this week as fears over the impact of the highly infectious Omicron variant on the global economy receded, with early data suggesting it causes a milder level of illness.
"With concerns about the fallout from Omicron fading, market focus shifted to the next move by OPEC+ at its January meeting," said Chiyoki Chen, chief analyst at Sunward Trading said.
“The Organization of Petroleum Exporting Countries and allies, including Russia, known as OPEC+, will likely stick to its decision to raise oil production by 400,000 barrels per day each month at its next meeting as long as oil prices stay above $70 a barrel.”
The group is scheduled to meet on Jan. 4. Still, some investors remain cautious amid surging infection cases.