Oil prices go up after decrease last week

Oil prices extended gains on Tuesday from a near 5% rebound the day before as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased while Iran nuclear talks stalled, delaying the return of Iranian crude, Investing.com reports.

Brent crude futures rose 1.12, or 1.5%, to $74.20 a barrel, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $70.71 a barrel, up $1.22, or 1.8%, building on a 4.9% gain in the previous session.

Dr Anthony Fauci, the top U.S. infectious disease official, has told "it does not look like there's a great degree of severity" so far.

Oil prices are also supported by the unsettled negotiations between the US and Iran over the nuclear program.