Oil jumps back above $75 as investors assess Omicron’s impact
Oil prices edged higher in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy.
The market had a muted reaction to U.S. weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks and another bump up in overall production, giving credence to expectations that supply will increase in coming months.
Brent crude futures advanced 38 cents, or 0.5%, to settle at $75.83 per barrel. U.S. West Texas Intermediate crude settled 31 cents, or 0.43%, higher at $72.36 per barrel.
Brent crude prices have rebounded by over 9% since Dec. 1 on signs Omicron has had only a limited impact on oil demand, after a 16% drop since Nov. 25.
Reference: CNBC
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