Oil prices rise after Omicron sell-off

New York, U.S. | Xinhua | Oil prices rose on Tuesday, trying to recover from the prior session’s sell-off driven by Omicron fears.

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.

Traders are also awaiting data on U.S. crude stockpiles. The U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday.

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Xinhua