Oil extends gains, Brent crosses $75

Oil drilling rigs

Oil prices rose on Tuesday, after a near 5% rebound in the previous session, as global fuel demand concerns eased despite the impact of the Omicron variant.

The international benchmark Brent crude was trading up 2.7% at $75.05 per barrel (bbl), at 1.35 pm Makkah time.

WTI crude jumped 3.1% to $71.66/bbl.

OANDA analyst Edward Moya said in a note that it appears the major oil price selloff is over, Reuters reported.

Additionally, the top US infectious disease official, Anthony Fauci, told CNN "it does not look like there's a great degree of severity" to the Omicron cases so far.

Meanwhile, senior executives of oil companies, who are meeting at the World Petroleum Congress in Houston, stressed that there is a need for oil and gas globally even as the world transitions to cleaner fuels.