A bullish rally in the oil market will have a positive impact on the value of the British currency, as assets correlate with each other. Oil prices have recovered last 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. There were encouraging signs too about hospitalisation rates from Britain and South Africa, although the head of a leading African health agency joined the World Health Organization in cautioning that it was too soon to draw broader conclusions.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, will meet on 4 January to decide whether to go ahead with a 400,000 barrels per day production increase in February.
Origin: FreshForex
