Oil extends gains even as Omicron coronavirus variant fans out

Pumpjacks can be seen at the Chevron section of the Kern River Oil Field near Bakersfield, California, U.S., June 24, 2015. (AFP)

SULAIMANI (ESTA) — Oil prices rose on Thursday, underpinned by a weaker dollar on optimism about global growth, even as governments from Australia to Europe step up curbs to slow the spread of the Omicron coronavirus variant.

Brent crude futures climbed 29 cents to $75.57 a barrel at 0617 GMT, extending a 1.8% gain in the previous session.

U.S. West Texas Intermediate (WTI) crude futures gained 26 cents to $73.02 per barrel after jumping 2.3% in the previous session.

A weaker U.S. dollar buoys oil markets as it makes commodities cheaper for those holding other currencies, according to Reuters.

The dollar fell to near a one-week low after data on Wednesday showed U.S. consumer confidence improving more than expected in December.

Oil’s climb has come even as governments reimposed a range of restrictions to slow the spread of Omicron.

“The Omicron variant could still lead to more restrictive measures across Europe and Asia, but prices won’t break since OPEC+ can easily adjust their production levels,” Reuters quoted OANDA analyst Edward Moya as saying.

Previous Article

Coordination Framework’s delegation meets PUK, KDP in Erbil

Next Article

Nuclear talks with Iran could be exhausted in ‘weeks’: Biden aide

Related Posts