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Oil prices stabilized on Wednesday, December 22, as traders awaited indicators of fuel demand amid fears related to Covid-19 after Singapore suspended travel without quarantine, and Australia renewed its vaccination campaign as cases of the mutant Omicron of the Coronavirus rose.
Brent crude futures rose eight cents, or 0.1%, to $ 74.06 a barrel, after rising 3.4% in the previous session.
US West Texas crude rose 24 cents, or 0.3%, to $ 71.36 a barrel, after jumping 3.7% on Tuesday.
Moderna CEO Stefan Bancel said on Tuesday that the company, which produces the corona vaccine, does not anticipate a problem developing a protective booster dose of the mutant Omicron and can start working within weeks.
Market sources said, citing data from the American Petroleum Institute, on Tuesday that US crude stocks fell by 3.7 million barrels in the week ending on December 17, compared to expectations of eight analysts polled by Reuters for a decrease of 2.8 million barrels.
Weekly data from the US Energy Information Administration is expected later today.
