Oil prices rose on Monday, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant’s impact will be limited on global economic growth and fuel demand.
Brent futures climbed 53 cents, or 0.7 per cent, to $75.68 a barrel by 0100 GMT, after rising one per cent on Friday.
US West Texas Intermediate (WTI) gained 69 cents, or 1.0 per cent, to $72.36 a barrel, following a one per cent increase in the previous session.
Both benchmarks posted gains of about eight per cent last week, their first weekly gain in seven. They have recovered more than half the losses suffered since the Omicron outbreak on November 25.
