Oil rises towards $75 as US demand and Fed outweigh virus concern
LONDON (Reuters) -Oil rose towards $75 on Thursday supported by record U.S. implied demand and falling crude stockpiles, even as the spread of the Omicron coronavirus variant threatens to put a brake on consumption globally.
Crude and other risk assets such as equities also got a boost after the U.S. Federal Reserve gave an upbeat economic outlook, which lifted investor spirits even as the Fed flagged a long-awaited end to its monetary stimulus. [MKTS/GLOB]
Brent crude oil rose by 62 cents, or 0.8%, to $74.50 a barrel by 0915 GMT, while U.S. West Texas Intermediate (WTI) crude gained by 65 cents, or 0.9%, to $71.52.
