Oil prices rise while concerns over omicron dissipate

World oil prices on Tuesday morning continue to rise, as fears eased over the omicron strain of the new coronavirus, according to trading data, Report informs, citing Prime.

As of 9:12 (GMT +4), February futures of Brent crude oil are growing in price by 0.83%, to $73.69 per barrel, January futures of WTI went up by 1.09% to $70.25 per barrel.

The oil market continued positive dynamics on Tuesday morning after a 5% rise in prices the day before. Investors' fears about the spread of the omicron coronavirus strain have eased.

The hopes that the new strain will have a less devastating economic impact are supported by reports from South Africa that patients there showed only mild symptoms.

Besides, according to media reports, the rise in oil prices was also supported by the US statement that the chances of re-signing the nuclear agreement with Iran may diminish.