Oil opens week with jump on outlook for stronger global demand
Oil pushed higher at the week’s open as investors weighed prospects for rising demand as the omicron virus wave fades in key economies.
Global benchmark Brent rose toward $89 a barrel after a run of five straight weekly gains, the best streak since October. President Joe Biden’s chief medical adviser, Anthony Fauci, expressed optimism at the weekend that the surge in the new variant will soon peak. That could underpin improved consumption as more workers return to offices and people travel more.
In the Middle East, the United Arab Emirates said it intercepted two ballistic missiles fired by Yemen’s Houthi fighters, with no loss of life from the action.
