Oil prices climb as worries over fuel demand recede | Reuters

Oil prices climb as worries over fuel demand recede | Reuters

Oil prices extended gains on Tuesday with prices trading near the previous day's one-month high on hopes that the Omicron coronavirus variant will have a limited impact on fuel demand.

Brent crude rose 7 cents, or 0.1%, to $78.67 a barrel, by 0728 GMT. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.2%, to $75.74 a barrel, gaining for a fifth straight session.

"Worries regarding Omicron are easing across the globe, resulting in some optimism over demand ... Prices are expected to trade with positive bias," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd.

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