Oil Prices Rise Despite Omicron Surge

Oil prices increased on Thursday, continuing their consecutive gains for several days, supported by data showing that fuel demand in the United States remains high. The rise occurred despite a surge in cases of the Omicron variant of the coronavirus. Brent crude futures rose by 0.2% to $79.40 per barrel by 02:17 GMT, marking the fourth consecutive day of increases. U.S. West Texas Intermediate (WTI) crude futures climbed by 0.23% to $76.79 per barrel, achieving gains for the seventh session in a row. Data from the U.S. Energy Information Administration on Wednesday indicated a decline in crude oil inventories by 3.6 million barrels for the week ending December 24, surpassing analysts' expectations surveyed by Reuters. At the same time, gasoline and distillate inventories fell compared to analysts' predictions for an increase, indicating that demand remains strong. Further support for market sentiment came as governments around the world attempt to mitigate the impact of record new COVID-19 cases on economic growth by easing testing regulations and narrowing isolation measures to focus only on those who were in close contact with positive cases.