Yahoo Finance’s Ines Ferre discusses the latest in the oil market as crude oil futures settle at $70.86 a barrel.

Video Transcript

- Welcome back. We want to get a check of the energy markets this afternoon after a volatile week across risk assets that's included crude oil with West Texas Intermediate moving to the downside this afternoon. Here with more is Yahoo Finance's Ines Ferre. And Ines, where did we settle today?

INES FERRE: And Emily, WTI January futures settling in at $70.86 a barrel. So oil for the week, losing and this is over concerns about the Omicron variant and tighter monetary policy. But really, a lot about demand going forward with this Omicron variant. You have in the UK, cases, which have gone up. You've got hospitalization cases in the US that have gone up. You also have companies, which are delaying their workers going back to work. And all of this is having an effect on oil prices.

Now, I will say, that Goldman Sachs though, is still bullish on oil, saying that $100 oil is possible as demand is outpacing supply. Goldman Sachs is saying that the new variant really has a limited impact on people's mobility, on oil demand, and it's expecting consumption for oil to hit record highs in 2022 and 2023. Emily, Karina.

- All right, Yahoo Finance's Ines Ferre, thank you so much.