Crude oil futures rose in mid-morning trade in Asia Jan. 3 on easing COVID-19 concerns and as the ongoing optimism from the Santa Claus rally carried over into the new year amid thin trading volumes.

At 10:26 am Singapore time (0226 GMT), the ICE March Brent futures contract was up 29 cents/b (0.37%) from the previous close at $78.07/b, while the NYMEX February light sweet crude contract rose 32 cents/b (0.43%) at $75.53/b. Several markets in Asia, including Japan and Australia, were closed Jan. 3 for the holidays. “Following a relatively quiet day in terms of economic data, volume may continue to remain light while sentiments revolving around the Santa Claus rally may still mark an attempt to deliver a positive start for the first trading day in 2022,” said IG market strategist Yeap Jun […]