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Oil prices rise after Omicron sell-off

Oil&Gas Materials 22 December 2021 04:05 (UTC +04:00)

Oil prices rose on Tuesday, trying to recover from the prior session's sell-off driven by Omicron fears, Trend reports citing Xinhua.

The West Texas Intermediate for February delivery added 2.51 U.S. dollars, or 3.7 percent, to settle at 71.12 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 2.46 dollars, or 3.4 percent, to close at 73.98 dollars a barrel on the London ICE Futures Exchange.

On Monday, the U.S. crude benchmark and Brent dropped 3.7 percent and 2.7 percent, respectively, as investors were worried that a rapid spread of the Omicron variant would dent the prospects of fuel demand.

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