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Oil set its biggest weekly gain in more than three months as the worst fears over the new virus strain have receded.
West Texas Intermediate futures climbed 8.2% this week. Fuel consumption so far has escaped any major blows from the omicron variant. Yet confidence is limited. Rallies are still punctuated by selloffs such as that on Thursday after rising infection rates prompted some governments to tighten travel restrictions.
“Crude prices are having a good week as omicron jitters have eased and as the 2022 growth outlook for the US economy remains mostly undeterred,” said Ed Moya, senior market analyst at Oanda Corp.
- WTI for January delivery rose 73 cents to settle at $71.67 a barrel in New York
- Brent for February settlement increased 73 cents to settle at $75.15 a barrel
Oil set its biggest weekly gain in more than three months as the worst fears over the new virus strain have receded.
West Texas Intermediate futures climbed 8.2% this week. Fuel consumption so far has escaped any major blows from the omicron variant. Yet confidence is limited. Rallies are still punctuated by selloffs such as that on Thursday after rising infection rates prompted some governments to tighten travel restrictions.
“Crude prices are having a good week as omicron jitters have eased and as the 2022 growth outlook for the US economy remains mostly undeterred,” said Ed Moya, senior market analyst at Oanda Corp.
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