Despite the spread of fear by the media, Omicron hasn't had much impact on mobility and oil demand. So if dust around Omicron is about to settle then, we can expect higher oil prices.
Technically, we see a bullish pattern on crude oil after a three-wave drop to $69.00, seen as a completed a-b-c correction.
The rise is in five waves from Dec. 15, so more upside is likely coming after minor corrective retracement that can stabilize around 70.86.
If crude is ready to continue higher, then USD/CAD, USD/NOK and USD/MXN may see more weakness.