Oil continues to rise as Omicron fears ease

Oil prices rose more than 3% today to extend yesterday's gains as Brent crude rose 4.6% and WTI rose 4.9% in the previous session as concerns of the new Omicron variable eased after health officials' comments. The Organization of Petroleum Exporting Countries, OPEC, and its allies agreed last week to continue increasing production by 400,000 barrels per day in January, and Saudi Arabia, the world's largest exporter, raised monthly crude prices last Sunday.

Brent crude futures rose $2.36, or 3.2%, to $75.44 a barrel, and US West Texas Intermediate crude futures rose $2.56, or 3.7%, to $72.05 a barrel.