The following graph is rather instructive, I think, in relation to its implications for the strong underlying demand for oil:
The point on the graph denoted [*] marks the point in time when the White House announced the release of crude from the Strategic Petroleum Reserve:
At that point in time the oil price was US$80/bbl,
Today it is US$85/bbl
(And that's even after Omicron cut a swathe around the world over the past month. Imagine the acceleration of demand once again once Omicron dies down... which it already is doing in the places where it arrived first, namely South Africa and the UK)
The Wall of Green Money, page-38
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