Oil rises in price amid easing concerns over omicron variant

Global oil prices rose on December 9 morning as investors were optimistic about the economy after easing concerns over the omicron variant, trading data showed, Report informs citing Prime agency.

As of 8:55 (GMT+4), February futures for Brent crude rose in price by 0.71% to $76.35 per barrel, January futures for WTI oil grew 0.93% to $73.02.

The oil market sees positive dynamics on December 9 morning, as investors’ fears about the impact of the omicron coronavirus strain on the economy eased. Since the beginning of the week, the price of Brent crude oil has grown by 9%, while the price of WTI crude has increased by almost 10%.

Previously, Pfizer and BioNTech said their initial laboratory tests show that the third dose of their vaccine increases protection against the new strain.

This has boosted the price of Brent crude by more than 9% over the past two days as the market overestimates the potential impact on demand, analysts at ANZ told the Wall Street Journal.