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Weekly Commentary

Omicron Has Opposite Effect on Jobs in the United States and Canada

February 4, 2022

This week, North American central banks were probably relieved they recently retired the transitory inflation narrative. The price of a barrel of WTI crude has skyrocketed 40% over the past two months. This week, it topped US$90 for the first time since 2014. Its spectacular rise has been driven largely by a slower-thanexpected supply response to higher prices. It’s also been fuelled by a post-Omicron increase in mobility that is leading demand to recover.