Oil prices edge higher on optimism over Omicron impact | Reuters

Oil prices edge higher on optimism over Omicron impact | Reuters

Oil prices edged up on Thursday for a third consecutive session over positive developments around COVID-19, even as China imposed new travel curbs and Australia reinstated restrictions to combat surging cases.

U.S. West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.1%, to $72.86 a barrel at 0625 GMT after jumping 2.3% in the previous session.

Brent crude futures also gained 8 cents, or 0.1%, to $75.37 a barrel, extending a 1.8% gain in the previous session.

The big gains on Wednesday were partly spurred by a larger-than-expected drawdown in U.S. crude stockpiles last week. read more