Oil Prices Rally As Omicron Concerns Ease


Oil prices rally as Omicron concerns ease

NEW YORK, Dec. 8 (UrduPoint / Pakistan Point News - 8th Dec, 2021 ) --:Oil prices rose on Tuesday, extending the gains they had scored in the prior session, as fears over the COVID-19 Omicron variant retreated.

The West Texas Intermediate for January delivery added 2.56 U.S. dollars, or 3.7 percent, to settle at 72.05 Dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 2.

36 dollars, or 3.2 percent, to close at 75.44 dollars a barrel on the London ICE Futures Exchange.

On Monday, the U.S. crude benchmark and Brent jumped 4.9 percent and 4.6 percent, respectively.

"The most serious concerns about the Omicron variant of coronavirus, which had triggered the price slide, have evaporated for the time being," Carsten Fritsch, energy analyst at Commerzbank Research, said Tuesday in a note.