Oil extends gains, Brent crosses $75

07/12/2021 Argaam

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.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.