Oil price steadies as investors assess Omicron variant’s impact

Oil prices edged up in choppy trade on Wednesday, maintaining a positive tone as investors have become less concerned that the Omicron coronavirus variant will have a dramatic effect on global economic growth and fuel demand.

Brent crude futures rose by 46 cents, or 0.6%, to $75.91 a barrel at 12:54 p.m. EST (1754 GMT). U.S. West Texas Intermediate crude was at $72.52 a barrel, up 47 cents or 0.7%.

Global benchmark Brent has rebounded by about 10% since Dec. 1 on the expectation that Omicron will only a limited impact on oil demand, after a 16% drop since Nov. 25. Early studies suggest that vaccinations against coronavirus are still effective against this variant.