SULAIMANI (ESTA) — Oil prices rose on Monday on optimism the Omicron coronavirus variant’s impact will be limited on global economic growth and fuel demand.
Brent futures climbed 94 cents to $76.09 a barrel by 0546 GMT, after rising 1% on Friday.
U.S. West Texas Intermediate (WTI) futures rose $1.01 cents to $72.68 per barrel, following a 1% increase in the previous session.
“Market sentiment has improved as the threat of Omicron variant has receded,” Reuters quoted analyst at Fujitomi Securities Co. Ltd Toshitaka Tazawa as saying.
“WTI will probably test its recent high of $73.34 and then try to rise towards $78, the level before the Omicron fears led to a sharp sell-off late last month,” he added.
Scientists in South Africa said on Friday that they had seen no sign that the new variant was causing more severe illness.
