Oil Continues to Rise as Fears of Omicron Subside

Oil prices continued to rise on Tuesday, approaching the highest level in a month reached in the previous session, thanks to expectations that the mutant Omicron of the Coronavirus will have only a limited impact on global demand.

Brent crude rose 14 cents, or 0.1 percent, to $ 78.74 a barrel.

As for US West Texas Intermediate crude, it rose 25 cents, or 0.3 percent, to $ 75.81 a barrel, achieving gains for the fifth consecutive session.

British Health Minister Sajid Javid said on Monday that England would not impose any new restrictions related to the Coronavirus before the end of 2021, as the government awaits more evidence on whether health services are able to deal with the high infection rates.

However, boarding possibilities remained limited after US airlines canceled more than 1,300 flights on Sunday due to COVID-19, which reduced the number of crews available to fly, while many cruise ships had to cancel stops.