Oil gains as investors see limited Omicron impact on demand

Oil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand,  Investing.com reports.

Brent futures climbed 72 cents, or 1.0%, to $75.87 a barrel by 0744 GMT, after rising 1% on Friday.

U.S. West Texas Intermediate (WTI) gained 85 cents, or 1.2%, to $72.52 a barrel, following a 1% increase in the previous session.

Both benchmarks posted gains of about 8% last week, their first weekly gain in seven. They have recovered more than half the losses suffered since Omicron headlines first hit Nov. 25.

Investors are closely watching the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, at their next meeting on Jan. 4. They agreed earlier this month to stick to their existing policy of monthly oil output increases.

Tags: contracts, oil, coronavirus, OPEC+, price, petroleum products, oil deliveries, gasoline, diesel, oil reserves

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