Oil prices rise as U.S. fuel demand jumps despite virus surge | Reuters

Oil prices rise as U.S. fuel demand jumps despite virus surge | Reuters

Oil prices rose on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally.

A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices.

Brent crude oil futures rose by 65 cents, or 0.9%, to $74.53 a barrel by 0436 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 74 cents, or 1%, to $71.61.

"Despite the current virus surge, the weekly EIA oil inventory report showed demand for petroleum products hit a record high, crude exports bounced back and national crude stocks posted a larger-than-expected draw," said Edward Moya, senior analyst at OANDA.