Looking beyond Omicron, oil investors focus on tight supply

Positive outlook: Crude oil drips from a valve at a well in Morichal, Venezuela. Fund managers have purchased 184 million barrels over the four most recent weeks as bullish sentiment returned after selling 327 million barrels in the 10 previous weeks. — Reuters

LONDON: Portfolio managers purchased oil last week at the fastest rate for 14 months amid growing confidence that the latest wave of coronavirus infections will not have a significant effect on international aviation and oil consumption.

Hedge funds and other money managers purchased the equivalent of 83 million barrels in the six most important petroleum-linked futures and options contracts in the week to Jan 11.