Oil prices shrug off Omicron slump, soar to 2-month highs | Reuters

Oil prices shrug off Omicron slump, soar to 2-month highs | Reuters

Oil prices hit two-month highs on Wednesday on tight supply and easing concerns about the potential hit to demand from the Omicron coronavirus variant.

Federal Reserve Chairman Jerome Powell said on Tuesday the economy of the United States, the world's biggest oil consumer, should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy. read more

Brent crude futures were up 42 cents, or 0.5%, at $84.14 a barrel at 1211 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 60 cents, or 0.7%, to $81.82 a barrel. Both contracts are set for their sixth session of gains out of eight.