Oil prices rose more than 3% on Tuesday, extending the nearly 5% rebound from the previous round, thanks to a decline in concerns about the impact of the Omicron variant of the coronavirus on global fuel demand.
The futures of Brent crude they rose 2.36 dollars, or 3.23%, to 75.44 dollars a barrel, after closing 4.6% higher on Monday. The West Texas Intermediate (WTI) of the United States gained 2.56 dollars, or 3.69%, to 72.05 dollars a barrel, extending the rise of 4.9% of the previous session. Both contracts rose more than $ 3 at the start of the round.
The oil prices They fell sharply last week on concerns that vaccines will be less effective against Omicron, prompting fears that governments may re-impose restrictions to slow their spread and affect global growth and oil demand.
However, a health official from South Africa reported over the weekend that the Omicron cases there had only shown mild symptoms. Additionally, America’s top infectious disease official, Anthony Fauci, said there doesn’t appear to be “a great degree of severity” so far.
In another sign of confidence in the oil demand, the world’s leading exporter, Saudi Arabia, raised monthly crude prices on Sunday.
That came after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC +, agreed to continue increasing production by 400,000 barrels per day in January despite the release of strategic US oil reserves.
In addition, a delay in the return of Iranian oil to the market supported prices. Indirect nuclear talks between the United States and Iran, which have run into a number of obstacles, will resume on Thursday, Islamic republic news agencies reported.
kg
