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Oil climbs on weaker dollar, China, amid Omicron caution

22 December 2021 08:10 (UTC +04:00)

Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 a barrel at 0235 GMT after jumping 3.7% on Tuesday.

Brent crude futures rose 44 cents, or 0.6%, to $74.42 a barrel after gaining 3.4% on Tuesday.

Oil prices typically move inversely to the U.S. dollar, with a weaker greenback making commodities cheaper for those holding other currencies.

Meanwhile a senior Chinese state planning official said on Wednesday Beijing would work to aid economic growth, including stepping up government spending, strengthening support to manufacturers and stabilising industry supply chains.