Oil prices rise 4% as fears about the Omicron Corona virus ease
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Economic newsDecember 8, 20211 min read

Oil prices rise 4% as fears about the Omicron Corona virus ease

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Oil prices rose about 4% on Tuesday, after rising about 5% the day before as concerns eased about the impact of the Omicron coronavirus variant on global fuel demand.

Brent crude futures were up $2.89, or 4%, at $75.97 a barrel by 12.36pm EST (17:36 GMT), after earlier touching a session high of $76.27.

US West Texas Intermediate crude rose $3.17, or 4.6%, to $72.66, building on a 4.9% gain in the previous session.

Oil prices fell last week due to concerns that vaccines may be less effective against the Omicron coronavirus variant, raising concerns that governments may impose new restrictions to limit its spread and hurt global growth and oil demand.

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