The WTI crude oil futures settle at $81.22. The price rise was $2.99 or 3.06%. This is the highest level since mid-November.

The EIA said that they expect global demand for petroleum products return to and surpass pre-pandemic levels this year. The Fed's Powell said he expects the omicron variant to be short lived and also said that the reduction of the balance sheet might take "2, 3 or 4 meetings" before the Fed may look to reduce the balance sheet.

The next upside target comes in at $81.81. That area is near the high prices going back to mid November. Move above that and traders will start to look toward the swing highs from 2021 at $84.95 and $85.41.