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Oil prices are on track to close the trading week with the biggest weekly increase since the end of August, as market sentiment recovered amid easing concerns about the impact of Omicron variants on global economic growth and fuel demand.
The two internationally referenced types of oil, Brent and WTI, are likely to see price increases of around 8.0 percent this week, for the first time in seven weeks, despite a brief rush by investors to make money.
North Sea Brent oil futures rose 99 cents, or 1.3 percent, to $ 75.41 a barrel in midday markets after falling 1.9 percent on Thursday, Reuters reports. US WTI futures futures rose $ 1.08, or 1.5 percent, to $ 72.02, recovering from a 2 percent drop in yesterday’s volatile trading.
The US Department of Labor report on the continuing rise in consumer prices in November, with the year-on-year inflation rate reaching its highest level since 1982, further boosted optimism about oil demand.
Earlier this week, the oil market covered about half of the losses it has suffered since November 25, when news broke of the new Omikron virus strain. The recovery of “black gold” prices was stimulated by the results of the first research for the new virus, according to which three doses of Pfizer vaccine against COVID-19 provide protection against Omicron.
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