Oil tests pre-Omicron highs on economic growth hopes
MELBOURNE: Oil NSE 3.52 % prices climbed on Wednesday, extending big gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should support oil demand in the near term.
Benchmarks Brent and WTI are trading at their highest levels since the super contagious Omicron variant of the coronavirus emerged in late November, as it has not hit fuel demand the way previous variants did.
U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.5%, to $81.60 a barrel at 0224 GMT, adding to a 3.8% jump in the previous session.
