Oil rises towards $75 as U.S. demand and Fed outweigh virus concern | Reuters
Oil rose towards $75 on Thursday, supported by record U.S. implied demand and falling crude stockpiles, even as the spread of the Omicron coronavirus variant threatens to put a brake on consumption globally.
Crude and other risk assets such as equities also got a boost after the U.S. Federal Reserve gave an upbeat economic outlook, which lifted investor spirits even as the Fed flagged a long-awaited end to its monetary stimulus.
Brent crude oil was up 65 cents, or 0.9%, to $74.53 a barrel at 1215 GMT, while U.S. West Texas Intermediate (WTI) crude rose $1.01 or 1.4%, to $71.88.
Demand has been rising in 2021 after last year's collapse, and the U.S. Energy Information Administration (EIA) on Wednesday said product supplied by refineries, a proxy for demand, surged in the latest week to 23.2 million barrels per day (bpd).
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