Oil has rallied since late June following pledges by OPEC+ countries Saudi Arabia and Russia to cut supply
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Oil has roared higher in the opening days of the new year as concerns about the pandemic, especially the impact of the omicron variant, have eased off
Oil prices will probably continue to rise as excess inventories are used up
Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions