Oil drilling rigs
Oil prices rose on Tuesday, after a near 5% rebound in the previous session, as global fuel demand concerns eased despite the impact of the Omicron variant.
The international benchmark Brent crude was trading up 2.7% at $75.05 per barrel (bbl), at 1.35 pm Makkah time.
WTI crude jumped 3.1% to $71.66/bbl.
OANDA analyst Edward Moya said in a note that it appears the major oil price selloff is over, Reuters reported.
Additionally, the top US infectious disease official, Anthony Fauci, told CNN "it does not look like there's a great degree of severity" to the Omicron cases so far.
Meanwhile, senior executives of oil companies, who are meeting at the World Petroleum Congress in Houston, stressed that there is a need for oil and gas globally even as the world transitions to cleaner fuels.
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