- Oil is set for its biggest weekly gain in more than three months after worst-case fears over the Omicron variant receded
- West Texas Intermediate rose over 7% this week
- Omicron fears are not totally removed as traders weigh rising cases and renewed restrictions by some governments to contain the spread
- The Biden White House is not considering a crude oil export ban, a source with the administration said Thursday (Reuters)
- Lawmakers of both republicans and democrats urged Biden in a letter not to halt exports as doing so would not help lower gasoline costs
- Brian Deese, director of the National Economic Council, told reporters on Thursday that oil exports is “not an issue we are currently focused on.”