An oil tanker is loaded at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. REUTERS/AHMED JADALLAH Oil prices extended gains on Thursday on confidence that the Omicron coronavirus variant would not dent global growth, even as some governments stepped up curbs to stop its rapid spread.
Brent crude futures rose 22 US cents, or 0.3%, to $76.04 a barrel, adding to a 0.5% gain on Wednesday. "Early indications of the Omicron variant … suggest that it may be less severe than initially feared given hospitalisation rates have not surged," Commonwealth Bank commodities analyst Vivek Dhar said in a note.
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