A VLCC oil tanker is seen at a crude oil terminal in Ningbo-Zhoushan port, Zhejiang province, China. Picture: REUTERS Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.
Oil prices were pummelled last week over concerns that vaccines might be less effective against the new coronavirus variant Omicron, sparking fears that governments may reimpose restrictions to curb its spread and hit global growth and oil demand. “This lowers the probability of the worst-case scenario that the oil markets have been pricing in over the past couple of weeks,” ANZ analysts said in a note.
A delay in the return of Iranian oil also supported prices. Indirect US-Iran nuclear talks have hit roadblocks. Germany urged Iran on Monday to present realistic proposals in talks over its nuclear programme.
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