Oil prices rise but Omicron worries linger | Reuters

Oil prices rise but Omicron worries linger | Reuters

Oil prices rebounded on Tuesday after a sharp fall in the previous session as investors' appetite for risk improved, although they remained cautious amid the rapid spread of the Omicron coronavirus variant across the globe.

Brent crude was up $1.51, or 2.1%, at $73.03 a barrel by 9:42 a.m. ET (1442 GMT), and U.S. West Texas Intermediate (WTI) crude rose $1.72, or 2.5%, to $70.33 a barrel.

"After a rough couple of days, crude prices are rebounding as much of the COVID wall of worry has been priced in," said Edward Moya, senior analyst at OANDA.

Countries across Europe were considering new curbs on movement as the fast-moving Omicron variant swept the world days before Christmas, throwing travel plans into chaos and unnerving financial markets.