Oil prices rose on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally, APA reports quoting Reuters.
A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices.
Brent crude oil futures rose by 80 cents, or 1.1%, to $74.68 a barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 88 cents, or 1.2%, to $71.75.
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