Brent crude was up $2.46, or 3.4%, at $73.98 a barrel and US West Texas Intermediate (WTI) crude rose $2.51, or 3.7%, to $71.12 a barrel.
see photosUS crude oil reserves were expected to fall for the fourth consecutive week
Oil prices rose more than 3% on Tuesday, rebounding on renewed risk appetite a day after a sharp fall, but investors remain cautious as Omicron coronavirus cut holiday travel plans dent near-term fuel demand outlook reduced.
“It’s a viable market that wants to be bullish, but knows that relief rallies, like they did this morning, won’t last,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
“The upside is likely to be limited and with renewed sales more restrictions would be welcome,” he added.
Brent crude was up $2.46, or 3.4%, at $73.98 a barrel and US West Texas Intermediate (WTI) crude rose $2.51, or 3.7%, to $71.12 a barrel.
Countries across Europe were considering new restrictions on movement as the fast-moving Omicron edition just days before Christmas threw travel plans around the world into chaos and upsetting financial markets.
Compliance with OPEC+ oil production cuts rose to 117% in November, up from 116% a month ago
OANDA senior analyst Craig Erlam said, “The measure for the rapid rollout of the booster in many countries is likely to be temporary, not to mention the number of people who will contract it if it continues to spread at that rate.” “
Omicron infections are increasing rapidly throughout Europe, the United States, and Asia. In Japan, there have been at least 180 cases in a cluster at a military base.
Still, Moderna Inc raised hope on Monday when it said a booster dose of its COVID-19 vaccine appeared to protect against the Omicron variant in laboratory testing.
On the supply front, OPEC+ compliance with oil output cuts rose to 117% in November from 116% a month earlier, two sources in the group told Reuters, indicating that production levels were well above the agreed target. is down.
US crude inventories were expected to fall for the fourth straight week, while distillate and gasoline reserves were expected to rise, a preliminary Reuters poll showed on Monday.
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The survey was carried out ahead of the report by the American Petroleum Institute, an industry group due on Tuesday, and the EIA, the statistical arm of the US Department of Energy, on Wednesday.
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